Cleveland-Cliffs Inc. Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2021

The following table summarizes the computation of basic and diluted earnings per share:


		(In Millions, Except Per Share Amounts)
	Three Months Ended March 31,
		2021		2020
Income (loss) from continuing operations		$	57	$	(50)
Income from continuing operations attributable to noncontrolling interest		(16)		(3)
Net income (loss) from continuing operations attributable to Cliffs shareholders		41		(53)
Income from discontinued operations, net of tax		—		1
Net income (loss) attributable to Cliffs shareholders		$	41	$	(52)

Weighted average number of shares:
Basic		490		298
Redeemable preferred shares		58		—
Convertible senior notes		19		—
Employee stock plans		4		—
Diluted		571		298

Earnings (loss) per common share attributable to Cliffs shareholders - basic1:
Continuing operations		$	0.08	$	(0.18)
Discontinued operations		—		—
		$	0.08	$	(0.18)

Earnings (loss) per common share attributable to Cliffs shareholders - diluted:
Continuing operations		$	0.07	$	(0.18)
Discontinued operations		—		—
		$	0.07	$	(0.18)

1 For the three months ended March 31, 2021, basic earnings per share is calculated by dividing Net income (loss) attributable to Cliffs shareholders, less $4 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.