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NOTE 17 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings per share:
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(In Millions, Except Per Share Amounts) |
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Three Months Ended
March 31, |
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2022 |
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2021 |
| Income from continuing operations |
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$ |
813
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$ |
57 |
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| Income from continuing operations attributable to noncontrolling interest |
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(13) |
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(16) |
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| Net income from continuing operations attributable to Cliffs shareholders |
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800
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41 |
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| Income from discontinued operations, net of tax |
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1
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— |
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| Net income attributable to Cliffs shareholders |
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$ |
801
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$ |
41 |
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| Weighted average number of shares: |
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| Basic |
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521 |
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490 |
| Redeemable preferred shares |
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— |
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58 |
Convertible senior notes1
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7 |
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19 |
| Employee stock plans |
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4 |
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4 |
| Diluted |
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532 |
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571 |
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Earnings per common share attributable to Cliffs shareholders - basic2:
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| Continuing operations |
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$ |
1.54
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$ |
0.08 |
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| Discontinued operations |
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—
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— |
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$ |
1.54
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$ |
0.08 |
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| Earnings per common share attributable to Cliffs shareholders - diluted: |
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| Continuing operations |
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$ |
1.50
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$ |
0.07 |
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| Discontinued operations |
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—
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— |
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$ |
1.50
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$ |
0.07 |
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1 On January 1, 2022, we adopted ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). We utilized the modified retrospective method of adoption; using this approach, the guidance was applied to transactions outstanding as of the beginning of the fiscal year.
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2 For the three months ended March 31, 2021, basic earnings per share is calculated by dividing Net income attributable to Cliffs shareholders, less $4 million of earnings attributed to Series B Participating Redeemable Preferred Stock, by the weighted average number of basic common shares outstanding during the period presented.
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