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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
September 30, |
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Nine Months Ended
September 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 |
$ |
165
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$ |
1,281 |
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$ |
1,578
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$ |
2,132 |
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| Income from continuing operations attributable to noncontrolling interest |
(13) |
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(8) |
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(31) |
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(39) |
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| Net income from continuing operations attributable to Cliffs shareholders |
152
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1,273 |
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1,547
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2,093 |
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| Income from discontinued operations, net of tax |
—
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1 |
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2
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2 |
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| Net income attributable to Cliffs shareholders |
$ |
152
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$ |
1,274 |
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$ |
1,549
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$ |
2,095 |
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| Weighted average number of shares: |
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| Basic |
516
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500 |
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520 |
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497 |
| Redeemable preferred shares |
—
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17 |
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— |
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44 |
Convertible senior notes1
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—
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24 |
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2 |
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21 |
| Employee stock plans |
3
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6 |
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4 |
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5 |
| Diluted |
519
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547 |
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526 |
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567 |
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Earnings per common share attributable to Cliffs shareholders - basic2:
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| Continuing operations |
$ |
0.30
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$ |
2.46 |
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$ |
2.98
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$ |
3.87 |
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| Discontinued operations |
—
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— |
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—
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— |
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$ |
0.30
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$ |
2.46 |
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$ |
2.98
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$ |
3.87 |
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| Earnings per common share attributable to Cliffs shareholders - diluted: |
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| Continuing operations |
$ |
0.29
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$ |
2.33 |
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$ |
2.95
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$ |
3.69 |
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| Discontinued operations |
—
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— |
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—
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— |
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$ |
0.29
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$ |
2.33 |
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$ |
2.95
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$ |
3.69 |
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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 nine months ended September 30, 2021, basic earnings per share is calculated by dividing Net income 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.
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