Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE

v3.19.3.a.u2
EARNINGS PER SHARE
12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
NOTE 17 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings per share:
 
(In Millions, Except Per Share Amounts)
 
Year Ended December 31,
 
2019
 
2018
 
2017
Income from continuing operations
$
294.5

 
$
1,039.9

 
$
360.6

Loss from continuing operations attributable to
noncontrolling interest

 

 
3.9

Net income from continuing operations
attributable to Cliffs shareholders
294.5

 
1,039.9

 
364.5

Income (loss) from discontinued operations, net of tax
(1.7
)
 
88.2

 
2.5

Net income attributable to Cliffs shareholders
$
292.8

 
$
1,128.1

 
$
367.0

 
 
 
 
 
 
Weighted average number of shares:
 
 
 
 
 
Basic
276.8

 
297.2

 
288.4

Convertible senior notes
4.4

 
3.4

 

Employee stock plans
3.3

 
3.5

 
4.6

Diluted
284.5

 
304.1

 
293.0

 
 
 
 
 
 
Earnings (loss) per common share attributable to
Cliffs common shareholders - basic:
 
 
 
 
 
Continuing operations
$
1.07

 
$
3.50

 
$
1.27

Discontinued operations
(0.01
)
 
0.30

 
0.01

 
$
1.06

 
$
3.80

 
$
1.28

Earnings (loss) per common share attributable to
Cliffs common shareholders - diluted:
 
 
 
 
 
Continuing operations
$
1.04

 
$
3.42

 
$
1.25

Discontinued operations
(0.01
)
 
0.29

 
0.01

 
$
1.03

 
$
3.71

 
$
1.26


There was no dilution during 2017 related to the common share equivalents for the convertible senior notes as our common shares average price did not rise in value above the conversion price.