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Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE (Tables)

v3.22.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract] 听
Earnings Per Share Computation
The following table summarizes the computation of basic and diluted EPS:
(In Millions, Except Per Share Amounts)
Year Ended December 31,
2021 2020 2019
Income (loss) from continuing operations $ 3,030听 $ (82) $ 295听
Income from continuing operations attributable to noncontrolling interest (45) (41) 鈥斕�
Net income (loss) from continuing operations attributable to Cliffs shareholders 2,985听 (123) 295听
Income (loss) from discontinued operations, net of tax 3听 1听 (2)
Net income (loss) attributable to Cliffs shareholders $ 2,988听 $ (122) $ 293听
Weighted average number of shares:
Basic 498听 379听 277听
Redeemable preferred shares 33听 鈥斕� 鈥斕�
Convertible senior notes 22听 鈥斕� 4听
Employee stock plans 5听 鈥斕� 3听
Diluted 558听 379听 284听
Earnings (loss) per common share attributable to
听听听听Cliffs common shareholders - basic1:
Continuing operations $ 5.62听 $ (0.32) $ 1.07听
Discontinued operations 0.01听 鈥斕� (0.01)
$ 5.63听 $ (0.32) $ 1.06听
Earnings (loss) per common share attributable to
听听听听Cliffs common shareholders - diluted:
Continuing operations $ 5.35听 $ (0.32) $ 1.04听
Discontinued operations 0.01听 鈥斕� (0.01)
$ 5.36听 $ (0.32) $ 1.03听
1 For the year ended December 31, 2021, basic earnings per share was calculated by dividing Net income (loss) attributable to Cliffs shareholders, less $187 million of earnings attributed to Series B Participating Redeemable Preferred Stock, by the weighted average number of basic common shares outstanding during the period presented.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table summarizes the shares that have been excluded from the diluted earnings per share calculation for the year ended December 31, 2020, as they were anti-dilutive:
(In Millions)
2020
Redeemable preferred shares 4听
Convertible senior notes 2听
Shares related to employee stock plans 1听