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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) |
2024 |
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2023 |
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2024 |
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2023 |
| Income (loss) from continuing operations |
$ |
9
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$ |
356 |
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$ |
(44) |
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$ |
313 |
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| Income from continuing operations attributable to noncontrolling interests |
(7) |
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(9) |
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(21) |
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(24) |
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| Net income (loss) from continuing operations attributable to Cliffs shareholders |
2
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347 |
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(65) |
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289 |
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| Income from discontinued operations, net of tax |
—
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— |
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—
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1 |
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| Net income (loss) attributable to Cliffs shareholders |
$ |
2
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$ |
347 |
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$ |
(65) |
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$ |
290 |
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| Weighted average number of shares: |
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| Basic |
473
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513 |
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483 |
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514 |
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Employee stock plans1
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1
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1 |
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— |
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1 |
| Diluted |
474
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514 |
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483 |
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515 |
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| Earnings (loss) per common share attributable to Cliffs shareholders - basic: |
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| Continuing operations |
$ |
—
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$ |
0.68 |
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$ |
(0.13) |
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$ |
0.56 |
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| Discontinued operations |
—
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— |
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—
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— |
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$ |
—
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$ |
0.68 |
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$ |
(0.13) |
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$ |
0.56 |
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| Earnings (loss) per common share attributable to Cliffs shareholders - diluted: |
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| Continuing operations |
$ |
—
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$ |
0.67 |
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$ |
(0.13) |
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$ |
0.56 |
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| Discontinued operations |
—
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— |
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—
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— |
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$ |
—
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$ |
0.67 |
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$ |
(0.13) |
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$ |
0.56 |
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1Excluded from the diluted EPS calculation are anti-dilutive shares related to employee stock plans. For the three and six months ended June 30, 2024, 2 million and 2 million shares, respectively, were excluded. For the three and six months ended June 30, 2023, 3 million and 2 million shares, respectively, were excluded.
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