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NOTE 17 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted EPS:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
| (In millions, except per share amounts) |
2025 |
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2024 |
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2025 |
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2024 |
| Loss from continuing operations |
$ |
(231) |
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$ |
(232) |
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$ |
(1,190) |
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$ |
(280) |
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| Net income from continuing operations attributable to noncontrolling interest |
(17) |
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(12) |
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(42) |
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(33) |
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| Net loss from continuing operations attributable to Cliffs shareholders |
(248) |
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(244) |
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(1,232) |
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(313) |
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| Loss from discontinued operations, net of tax |
(3) |
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— |
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(3) |
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— |
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| Net loss attributable to Cliffs shareholders |
$ |
(251) |
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$ |
(244) |
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$ |
(1,235) |
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$ |
(313) |
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| Weighted average number of shares: |
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| Basic |
495
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468 |
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495 |
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478 |
Employee stock plans1
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—
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— |
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— |
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— |
| Diluted |
495
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468 |
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495 |
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478 |
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| Loss per common share attributable to Cliffs shareholders - basic: |
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| Continuing operations |
$ |
(0.51) |
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$ |
(0.52) |
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$ |
(2.49) |
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$ |
(0.66) |
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| Discontinued operations |
—
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— |
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—
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— |
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$ |
(0.51) |
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$ |
(0.52) |
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$ |
(2.49) |
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$ |
(0.66) |
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| Loss per common share attributable to Cliffs shareholders - diluted: |
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| Continuing operations |
$ |
(0.51) |
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$ |
(0.52) |
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$ |
(2.49) |
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$ |
(0.66) |
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| Discontinued operations |
—
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— |
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—
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— |
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$ |
(0.51) |
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$ |
(0.52) |
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$ |
(2.49) |
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$ |
(0.66) |
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1 Excluded from the diluted EPS calculation are anti-dilutive shares related to employee stock plans. For both the three and nine months ended September 30, 2025, 3 million shares were excluded. For both the three and nine months ended September 30, 2024, 2 million shares were excluded.
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