Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE

v3.20.4
EARNINGS PER SHARE
12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted EPS:
(In Millions, Except Per Share Amounts)
Year Ended December 31,
2020 2019 2018
Income (loss) from continuing operations $ (82) $ 295  $ 1,040 
Income from continuing operations attributable to noncontrolling interest (41) —  — 
Net income (loss) from continuing operations attributable to Cliffs shareholders (123) 295  1,040 
Income (loss) from discontinued operations, net of tax 1  (2) 88 
Net income (loss) attributable to Cliffs shareholders $ (122) $ 293  $ 1,128 
Weighted average number of shares:
Basic 379  277  297 
Convertible senior notes  
Employee stock plans  
Diluted 379  284  304 
Earnings (loss) per common share attributable to
Cliffs common shareholders - basic:
Continuing operations $ (0.32) $ 1.07  $ 3.50 
Discontinued operations   (0.01) 0.30 
$ (0.32) $ 1.06  $ 3.80 
Earnings (loss) per common share attributable to
Cliffs common shareholders - diluted:
Continuing operations $ (0.32) $ 1.04  $ 3.42 
Discontinued operations   (0.01) 0.29 
$ (0.32) $ 1.03  $ 3.71 
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 
Convertible senior notes 2 
Shares related to employee stock plans 1