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The following table summarizes the computation of basic and diluted earnings per share:
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(In Millions, Except Per Share Amounts) |
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Income (loss) from continuing operations |
$ |
(107.8 |
) |
|
$ |
161.4 |
|
|
$ |
(157.0 |
) |
|
$ |
139.3 |
|
Income from continuing operations attributable to noncontrolling interest |
(15.8 |
) |
|
— |
|
|
(19.3 |
) |
|
— |
|
Net income (loss) from continuing operations attributable to Cliffs shareholders |
(123.6 |
) |
|
161.4 |
|
|
(176.3 |
) |
|
139.3 |
|
Income (loss) from discontinued operations, net of tax |
(0.3 |
) |
|
(0.6 |
) |
|
0.3 |
|
|
(0.6 |
) |
Net income (loss) attributable to Cliffs shareholders |
$ |
(123.9 |
) |
|
$ |
160.8 |
|
|
$ |
(176.0 |
) |
|
$ |
138.7 |
|
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|
|
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Weighted average number of shares: |
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|
|
|
|
|
|
Basic |
399.1 |
|
|
275.8 |
|
|
348.3 |
|
|
282.6 |
|
Convertible senior notes |
— |
|
|
6.7 |
|
|
— |
|
|
6.9 |
|
Employee stock plans |
— |
|
|
3.0 |
|
|
— |
|
|
4.1 |
|
Diluted |
399.1 |
|
|
285.5 |
|
|
348.3 |
|
|
293.6 |
|
|
|
|
|
|
|
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Earnings (loss) per common share attributable to Cliffs shareholders - basic: |
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.31 |
) |
|
$ |
0.59 |
|
|
$ |
(0.51 |
) |
|
$ |
0.49 |
|
Discontinued operations |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
$ |
(0.31 |
) |
|
$ |
0.59 |
|
|
$ |
(0.51 |
) |
|
$ |
0.49 |
|
|
|
|
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Earnings (loss) per common share attributable to Cliffs shareholders - diluted: |
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.31 |
) |
|
$ |
0.57 |
|
|
$ |
(0.51 |
) |
|
$ |
0.47 |
|
Discontinued operations |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
$ |
(0.31 |
) |
|
$ |
0.57 |
|
|
$ |
(0.51 |
) |
|
$ |
0.47 |
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The following table summarizes the shares that have been excluded from the diluted earnings per share calculation as they were anti-dilutive:
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(In Millions) |
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Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Shares related to employee stock plans |
1.8 |
|
|
— |
|
|
1.8 |
|
|
— |
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There was no dilution during the three and six months ended June 30, 2020 related to the common share equivalents for the convertible senior notes as our common shares average price did not rise above the conversion price.
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