Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

v3.23.1
EARNINGS PER SHARE
3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
NOTE 16 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted EPS:
Three Months Ended
March 31,
(In millions, except per share amounts) 2023 2022
Income (loss) from continuing operations $ (43) $ 813 
Income from continuing operations attributable to noncontrolling interest (15) (13)
Net income (loss) from continuing operations attributable to Cliffs shareholders (58) 800 
Income from discontinued operations, net of tax 1 
Net income (loss) attributable to Cliffs shareholders $ (57) $ 801 
Weighted average number of shares:
Basic 515 521
Convertible senior notes 7
Employee stock plans1
4
Diluted 515 532
Earnings (loss) per common share attributable to Cliffs shareholders - basic:
Continuing operations $ (0.11) $ 1.54 
Discontinued operations   — 
$ (0.11) $ 1.54 
Earnings (loss) per common share attributable to Cliffs shareholders - diluted:
Continuing operations $ (0.11) $ 1.50 
Discontinued operations   — 
$ (0.11) $ 1.50 
1 For the three months ended March 31, 2023, we had 1 million shares related to employee stock plans that were excluded from the diluted EPS calculation as they were anti-dilutive.