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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) |
2024 |
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2023 |
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2024 |
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2023 |
| Income (loss) from continuing operations |
$ |
(230) |
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$ |
274 |
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$ |
(274) |
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$ |
587 |
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| Income from continuing operations attributable to noncontrolling interests |
(12) |
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(11) |
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(33) |
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(35) |
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| Net income (loss) from continuing operations attributable to Cliffs shareholders |
(242) |
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263 |
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(307) |
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552 |
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| Income from discontinued operations, net of tax |
—
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1 |
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—
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2 |
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| Net income (loss) attributable to Cliffs shareholders |
$ |
(242) |
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$ |
264 |
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$ |
(307) |
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$ |
554 |
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| Weighted average number of shares: |
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| Basic |
468
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508 |
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478 |
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512 |
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Employee stock plans1
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—
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1 |
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— |
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1 |
| Diluted |
468
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509 |
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478 |
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513 |
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| Earnings (loss) per common share attributable to Cliffs shareholders - basic: |
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| Continuing operations |
$ |
(0.52) |
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$ |
0.52 |
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$ |
(0.64) |
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$ |
1.08 |
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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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$ |
0.52 |
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$ |
(0.64) |
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$ |
1.08 |
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| Earnings (loss) per common share attributable to Cliffs shareholders - diluted: |
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| Continuing operations |
$ |
(0.52) |
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$ |
0.52 |
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$ |
(0.64) |
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$ |
1.08 |
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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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$ |
0.52 |
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$ |
(0.64) |
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$ |
1.08 |
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1Excluded from the diluted EPS calculation are anti-dilutive shares related to employee stock plans. For both the three and nine months ended September 30, 2024 2 million shares were excluded. For both the three and nine months ended September 30, 2023 2 million shares were excluded.
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