Cleveland-Cliffs Inc. Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

9 Months Ended

Sep. 30, 2011

NOTE 16 – EARNINGS PER SHARE

A summary of the calculation of earnings per common share on a basic and diluted basis follows:


	(In Millions)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Net income from continuing operations attributable to Cliffs shareholders	$	607.0	$	298.1	$	1,439.3	$	637.4
Loss from discontinued operations		(17.5)		(0.7)		(18.7)		(2.0)

Net income attributable to Cliffs shareholders	$	589.5	$	297.4	$	1,420.6	$	635.4
Weighted average number of shares:
Basic		144.2		135.3		139.5		135.3
Employee stock plans		0.8		0.9		0.8		0.8

Diluted		145.0		136.2		140.3		136.1

Earnings per common share attributable to Cliffs shareholders - Basic:
Continuing operations	$	4.21	$	2.20	$	10.31	$	4.71
Discontinued operations		(0.12)		-		(0.13)		(0.01)

	$	4.09	$	2.20	$	10.18	$	4.70

Earnings per common share attributable to Cliffs shareholders - Diluted:
Continuing operations	$	4.19	$	2.19	$	10.25	$	4.68
Discontinued operations		(0.12)		(0.01)		(0.13)		(0.01)

	$	4.07	$	2.18	$	10.12	$	4.67