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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
September 30, |
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Nine Months Ended
September 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 |
$ |
274
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$ |
165 |
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$ |
587
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$ |
1,578 |
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| Income from continuing operations attributable to noncontrolling interest |
(11) |
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(13) |
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(35) |
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(31) |
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| Net income from continuing operations attributable to Cliffs shareholders |
263
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152 |
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552
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1,547 |
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| Income from discontinued operations, net of tax |
1
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— |
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2
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2 |
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| Net income attributable to Cliffs shareholders |
$ |
264
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$ |
152 |
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$ |
554
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$ |
1,549 |
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| Weighted average number of shares: |
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| Basic |
508
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516 |
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512 |
|
520 |
| Convertible senior notes |
—
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— |
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— |
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2 |
| Employee stock plans |
1
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3 |
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1 |
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4 |
| Diluted |
509
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519 |
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513 |
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526 |
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| Earnings per common share attributable to Cliffs shareholders - basic: |
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| Continuing operations |
$ |
0.52
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$ |
0.30 |
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$ |
1.08
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$ |
2.98 |
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| Discontinued operations |
—
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— |
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—
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— |
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$ |
0.52
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$ |
0.30 |
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$ |
1.08
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$ |
2.98 |
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| Earnings per common share attributable to Cliffs shareholders - diluted: |
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| Continuing operations |
$ |
0.52
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$ |
0.29 |
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$ |
1.08
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$ |
2.95 |
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| Discontinued operations |
—
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— |
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—
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— |
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$ |
0.52
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$ |
0.29 |
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$ |
1.08
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$ |
2.95 |
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