The sum of quarterly EPS may not equal EPS for the year due to discrete quarterly calculations.
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(In Millions, Except Per Share Amounts) |
2015 |
Quarters |
|
|
First |
|
Second |
|
Third |
|
Fourth |
|
Year |
Revenues from product sales and services |
$ |
446.0 |
|
|
$ |
498.1 |
|
|
$ |
593.2 |
|
|
$ |
476.0 |
|
|
$ |
2,013.3 |
|
Sales margin |
80.8 |
|
|
57.3 |
|
|
55.1 |
|
|
43.3 |
|
|
236.5 |
|
Income (Loss) from Continuing Operations |
$ |
166.8 |
|
|
$ |
(38.2 |
) |
|
$ |
49.9 |
|
|
$ |
(34.8 |
) |
|
$ |
143.7 |
|
Loss (Income) from Continuing Operations
attributable to Noncontrolling Interest |
1.9 |
|
|
(5.0 |
) |
|
4.6 |
|
|
(2.4 |
) |
|
(8.6 |
) |
Net Income (Loss) from Continuing Operations
attributable to Cliffs shareholders |
168.7 |
|
|
(43.2 |
) |
|
54.5 |
|
|
(37.2 |
) |
|
135.1 |
|
Loss from Discontinued Operations, net of tax |
(928.5 |
) |
|
103.4 |
|
|
(43.9 |
) |
|
(23.1 |
) |
|
(884.4 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
(759.8 |
) |
|
60.2 |
|
|
10.6 |
|
|
(60.3 |
) |
|
(749.3 |
) |
PREFERRED STOCK DIVIDENDS |
(12.8 |
) |
|
— |
|
|
(25.6 |
) |
|
— |
|
|
(38.4 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS |
$ |
(772.6 |
) |
|
$ |
60.2 |
|
|
$ |
(15.0 |
) |
|
$ |
(60.3 |
) |
|
$ |
(787.7 |
) |
|
Earnings per common share attributable to
Cliffs common shareholders — Basic:
|
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|
|
|
|
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|
|
Continuing Operations |
$ |
1.02 |
|
|
$ |
(0.28 |
) |
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$ |
0.19 |
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|
$ |
(0.24 |
) |
|
$ |
0.63 |
|
Discontinued Operations |
(6.06 |
) |
|
0.67 |
|
|
(0.29 |
) |
|
(0.15 |
) |
|
(5.77 |
) |
|
$ |
(5.04 |
) |
|
$ |
0.39 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.39 |
) |
|
$ |
(5.14 |
) |
|
Earnings per common share attributable to
Cliffs common shareholders — Diluted:
|
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|
|
|
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|
|
Continuing Operations |
$ |
0.94 |
|
|
$ |
(0.28 |
) |
|
$ |
0.19 |
|
|
$ |
(0.24 |
) |
|
$ |
0.63 |
|
Discontinued Operations |
(5.20 |
) |
|
0.67 |
|
|
(0.29 |
) |
|
(0.15 |
) |
|
(5.76 |
) |
|
$ |
(4.26 |
) |
|
$ |
0.39 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.39 |
) |
|
$ |
(5.13 |
) |
The diluted earnings per share calculation for the second, third and fourth quarter of 2015 exclude depositary shares that were anti-dilutive ranging between 25.2 million and 25.6 million and equity plan awards ranging between 0.1 million and 0.3 million that were anti-dilutive. There was no anti-dilution in the first quarter of 2015.
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(In Millions, Except Per Share Amounts) |
|
2014 |
Quarters |
|
|
First |
|
Second |
|
Third |
|
Fourth |
|
Year |
Revenues from product sales and services |
$ |
615.5 |
|
|
$ |
747.7 |
|
|
$ |
979.7 |
|
|
$ |
1,030.3 |
|
|
$ |
3,373.2 |
|
Sales margin |
190.0 |
|
|
183.5 |
|
|
256.2 |
|
|
256.0 |
|
|
885.7 |
|
Income (Loss) from Continuing Operations |
$ |
69.7 |
|
|
$ |
90.9 |
|
|
$ |
(274.2 |
) |
|
$ |
170.0 |
|
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$ |
56.4 |
|
Loss (Income) from Continuing Operations
attributable to Noncontrolling Interest |
0.4 |
|
|
(3.6 |
) |
|
(2.5 |
) |
|
(3.4 |
) |
|
(25.9 |
) |
Net Income (Loss) from Continuing Operations
attributable to Cliffs shareholders |
$ |
70.1 |
|
|
$ |
87.3 |
|
|
$ |
(276.7 |
) |
|
$ |
166.6 |
|
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$ |
30.5 |
|
Loss from Discontinued Operations, net of tax |
(140.4 |
) |
|
(76.4 |
) |
|
(5,602.9 |
) |
|
(1,451.8 |
) |
|
(7,254.7 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
(70.3 |
) |
|
$ |
10.9 |
|
|
$ |
(5,879.6 |
) |
|
$ |
(1,285.2 |
) |
|
$ |
(7,224.2 |
) |
PREFERRED STOCK DIVIDENDS |
(12.8 |
) |
|
(12.8 |
) |
|
(12.8 |
) |
|
(12.8 |
) |
|
(51.2 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS |
(83.1 |
) |
|
(1.9 |
) |
|
(5,892.4 |
) |
|
(1,298.0 |
) |
|
(7,275.4 |
) |
|
Earnings per common share attributable to
Cliffs common shareholders — Basic:
|
|
|
|
|
|
|
|
|
|
Continuing Operations |
$ |
0.37 |
|
|
$ |
0.49 |
|
|
$ |
(1.89 |
) |
|
$ |
1.00 |
|
|
$ |
(0.14 |
) |
Discontinued Operations |
(0.92 |
) |
|
(0.50 |
) |
|
(36.60 |
) |
|
(9.48 |
) |
|
(47.38 |
) |
|
$ |
(0.55 |
) |
|
$ |
(0.01 |
) |
|
$ |
(38.49 |
) |
|
$ |
(8.48 |
) |
|
$ |
(47.52 |
) |
Earnings per common share attributable to
Cliffs common shareholders — Diluted: |
|
|
|
|
|
|
|
|
|
Continuing Operations |
$ |
0.37 |
|
|
$ |
0.48 |
|
|
$ |
(1.89 |
) |
|
$ |
0.94 |
|
|
$ |
(0.14 |
) |
Discontinued Operations |
(0.91 |
) |
|
(0.50 |
) |
|
(36.60 |
) |
|
(8.13 |
) |
|
(47.38 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.02 |
) |
|
$ |
(38.49 |
) |
|
$ |
(7.19 |
) |
|
$ |
(47.52 |
) |
The diluted earnings per share calculation for the first, second and third quarters of 2014 exclude depositary shares that were anti-dilutive totaling 25.2 million. Additionally, the third quarter of 2014 diluted earnings per share calculation also excludes 0.5 million of equity plan awards. There was no anti-dilution for the fourth quarter of 2014.
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