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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
June 30, |
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Six Months Ended
June 30, |
| (In millions, except per share amounts) |
2023 |
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2022 |
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2023 |
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2022 |
| Income from continuing operations |
$ |
356
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$ |
600 |
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$ |
313
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$ |
1,413 |
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| Income from continuing operations attributable to noncontrolling interest |
(9) |
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(5) |
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(24) |
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(18) |
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| Net income from continuing operations attributable to Cliffs shareholders |
347
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595 |
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289
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1,395 |
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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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2 |
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| Net income attributable to Cliffs shareholders |
$ |
347
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$ |
596 |
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$ |
290
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$ |
1,397 |
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| Weighted average number of shares: |
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| Basic |
513
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523 |
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514 |
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522 |
| Convertible senior notes |
—
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— |
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— |
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4 |
| Employee stock plans |
1
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3 |
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1 |
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3 |
| Diluted |
514
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526 |
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515 |
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529 |
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| Earnings per common share attributable to Cliffs shareholders - basic: |
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| Continuing operations |
$ |
0.68
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$ |
1.14 |
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$ |
0.56
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$ |
2.67 |
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| Discontinued operations |
—
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— |
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—
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— |
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$ |
0.68
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$ |
1.14 |
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$ |
0.56
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$ |
2.67 |
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| Earnings per common share attributable to Cliffs shareholders - diluted: |
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| Continuing operations |
$ |
0.67
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$ |
1.13 |
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$ |
0.56
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$ |
2.64 |
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| Discontinued operations |
—
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— |
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—
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— |
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$ |
0.67
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$ |
1.13 |
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$ |
0.56
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$ |
2.64 |
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