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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
June 30, |
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Six Months Ended
June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Income from continuing operations |
$ |
600
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$ |
794 |
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$ |
1,413
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$ |
851 |
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| Income from continuing operations attributable to noncontrolling interest |
(5) |
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(15) |
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(18) |
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(31) |
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| Net income from continuing operations attributable to Cliffs shareholders |
595
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779 |
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1,395
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820 |
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| Income from discontinued operations, net of tax |
1
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1 |
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2
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1 |
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| Net income attributable to Cliffs shareholders |
$ |
596
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$ |
780 |
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$ |
1,397
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$ |
821 |
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| Weighted average number of shares: |
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| Basic |
523
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500 |
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522 |
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495 |
| Redeemable preferred shares |
—
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58 |
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— |
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58 |
Convertible senior notes1
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—
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22 |
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4 |
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21 |
| Employee stock plans |
3
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5 |
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3 |
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5 |
| Diluted |
526
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585 |
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529 |
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579 |
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Earnings per common share attributable to Cliffs shareholders - basic2:
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| Continuing operations |
$ |
1.14
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$ |
1.40 |
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$ |
2.67
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$ |
1.48 |
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| Discontinued operations |
—
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— |
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—
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— |
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$ |
1.14
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$ |
1.40 |
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$ |
2.67
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$ |
1.48 |
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| Earnings per common share attributable to Cliffs shareholders - diluted: |
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| Continuing operations |
$ |
1.13
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$ |
1.33 |
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$ |
2.64
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$ |
1.42 |
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| Discontinued operations |
—
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— |
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—
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— |
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$ |
1.13
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$ |
1.33 |
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$ |
2.64
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$ |
1.42 |
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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 and six months ended June 30, 2021, basic earnings per share is calculated by dividing Net income attributable to Cliffs shareholders, less $82 million and $86 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.
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