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Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
CLEVELAND-CLIFFS INC AND CONSOLIDATED SUBSIDIARIES
<CAPTION>
(In Millions,
Except Per
Share Amounts)
Three Months
Ended March 31,
<S> <C> <C>
---------------------
1995 1994
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Primary and fully diluted earnings per share:
Average shares outstanding 12.1 12.1
Net effect of dilutive stock options - based on
treasury stock method using average mark - -
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Average shares and equivalents 12.1 12.1
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Net income applicable to average shares and equivalents: $5.0 $2.2
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Income per share: $0.41 $0.18
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