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NOTE 16 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted EPS:
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Three Months Ended
March 31, |
| (In millions, except per share amounts) |
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2023 |
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2022 |
| Income (loss) from continuing operations |
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$ |
(43) |
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$ |
813 |
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| Income from continuing operations attributable to noncontrolling interest |
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(15) |
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(13) |
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| Net income (loss) from continuing operations attributable to Cliffs shareholders |
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(58) |
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800 |
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| Income from discontinued operations, net of tax |
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1
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1 |
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| Net income (loss) attributable to Cliffs shareholders |
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$ |
(57) |
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$ |
801 |
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| Weighted average number of shares: |
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| Basic |
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515 |
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521 |
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| Convertible senior notes |
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— |
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7 |
Employee stock plans1
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— |
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4 |
| Diluted |
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515 |
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532 |
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| Earnings (loss) per common share attributable to Cliffs shareholders - basic: |
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| Continuing operations |
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$ |
(0.11) |
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$ |
1.54 |
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| Discontinued operations |
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—
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— |
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$ |
(0.11) |
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$ |
1.54 |
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| Earnings (loss) per common share attributable to Cliffs shareholders - diluted: |
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| Continuing operations |
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$ |
(0.11) |
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$ |
1.50 |
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| Discontinued operations |
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—
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— |
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$ |
(0.11) |
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$ |
1.50 |
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1 For the three months ended March 31, 2023, we had 1 million shares related to employee stock plans that were excluded from the diluted EPS calculation as they were anti-dilutive.
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