|
The following table summarizes the computation of basic and diluted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions, Except Per Share Amounts) |
|
Year Ended December 31, |
|
2020 |
|
2019 |
|
2018 |
| Income (loss) from continuing operations |
$ |
(82) |
|
|
$ |
295 |
|
|
$ |
1,040 |
|
| Income from continuing operations attributable to noncontrolling interest |
(41) |
|
|
— |
|
|
— |
|
| Net income (loss) from continuing operations attributable to Cliffs shareholders |
(123) |
|
|
295 |
|
|
1,040 |
|
| Income (loss) from discontinued operations, net of tax |
1
|
|
|
(2) |
|
|
88 |
|
| Net income (loss) attributable to Cliffs shareholders |
$ |
(122) |
|
|
$ |
293 |
|
|
$ |
1,128 |
|
|
|
|
|
|
|
| Weighted average number of shares: |
|
|
|
|
|
| Basic |
379
|
|
|
277 |
|
|
297 |
|
| Convertible senior notes |
—
|
|
|
4 |
|
|
3 |
|
| Employee stock plans |
—
|
|
|
3 |
|
|
4 |
|
| Diluted |
379
|
|
|
284 |
|
|
304 |
|
|
|
|
|
|
|
Earnings (loss) per common share attributable to
Cliffs common shareholders - basic: |
|
|
|
|
|
| Continuing operations |
$ |
(0.32) |
|
|
$ |
1.07 |
|
|
$ |
3.50 |
|
| Discontinued operations |
—
|
|
|
(0.01) |
|
|
0.30 |
|
|
$ |
(0.32) |
|
|
$ |
1.06 |
|
|
$ |
3.80 |
|
Earnings (loss) per common share attributable to
Cliffs common shareholders - diluted: |
|
|
|
|
|
| Continuing operations |
$ |
(0.32) |
|
|
$ |
1.04 |
|
|
$ |
3.42 |
|
| Discontinued operations |
—
|
|
|
(0.01) |
|
|
0.29 |
|
|
$ |
(0.32) |
|
|
$ |
1.03 |
|
|
$ |
3.71 |
|
The following table summarizes the shares that have been excluded from the diluted earnings per share calculation for the year ended December 31, 2020, as they were anti-dilutive:
|
|
|
|
|
|
|
(In Millions) |
|
2020 |
| Redeemable preferred shares |
4
|
|
| Convertible senior notes |
2
|
|
| Shares related to employee stock plans |
1
|
|
|