Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE (Tables)

v3.22.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Computation
The following table summarizes the computation of basic and diluted earnings per share:
(In Millions, Except Per Share Amounts)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2022 2021 2022 2021
Income from continuing operations $ 600  $ 794  $ 1,413  $ 851 
Income from continuing operations attributable to noncontrolling interest (5) (15) (18) (31)
Net income from continuing operations attributable to Cliffs shareholders 595  779  1,395  820 
Income from discontinued operations, net of tax 1  1  2  1 
Net income attributable to Cliffs shareholders $ 596  $ 780  $ 1,397  $ 821 
Weighted average number of shares:
Basic 523  500  522 495
Redeemable preferred shares —  58  — 58
Convertible senior notes1
—  22  4 21
Employee stock plans 3  5  3 5
Diluted 526  585  529 579
Earnings per common share attributable to Cliffs shareholders - basic2:
Continuing operations $ 1.14  $ 1.40  $ 2.67  $ 1.48 
Discontinued operations —  —  —  — 
$ 1.14  $ 1.40  $ 2.67  $ 1.48 
Earnings per common share attributable to Cliffs shareholders - diluted:
Continuing operations $ 1.13  $ 1.33  $ 2.64  $ 1.42 
Discontinued operations —  —  —  — 
$ 1.13  $ 1.33  $ 2.64  $ 1.42 
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.
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.