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

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2021

The following table summarizes the computation of basic and diluted earnings per share:


	(In Millions, Except Per Share Amounts)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Income (loss) from continuing operations	$	1,281	$	2	$	2,132	$	(155)
Income from continuing operations attributable to noncontrolling interest	(8)		(12)		(39)		(31)
Net income (loss) from continuing operations attributable to Cliffs shareholders	1,273		(10)		2,093		(186)
Income from discontinued operations, net of tax	1		—		2		—
Net income (loss) attributable to Cliffs shareholders	$	1,274	$	(10)	$	2,095	$	(186)

Weighted average number of shares:
Basic	500		399		497		365
Redeemable preferred shares	17		—		44		—
Convertible senior notes	24		—		21		—
Employee stock plans	6		—		5		—
Diluted	547		399		567		365

Earnings (loss) per common share attributable to Cliffs shareholders - basic1:
Continuing operations	$	2.46	$	(0.02)	$	3.87	$	(0.51)
Discontinued operations	—		—		—		—
	$	2.46	$	(0.02)	$	3.87	$	(0.51)

Earnings (loss) per common share attributable to Cliffs shareholders - diluted:
Continuing operations	$	2.33	$	(0.02)	$	3.69	$	(0.51)
Discontinued operations	—		—		—		—
	$	2.33	$	(0.02)	$	3.69	$	(0.51)

1 For the three and nine months ended September 30, 2021, basic earnings per share is calculated by dividing Net income (loss) attributable to Cliffs shareholders, less $42 million and $172 million, respectively, of earnings attributed to Series B Participating Redeemable Preferred Stock, by the weighted average number of basic common shares outstanding during the period presented.