NOTE 19 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings per share attributable to Cliffs shareholders:
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(In Millions, Except Per Share Amounts) |
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Year Ended December 31, |
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2016 |
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2015 |
|
2014 |
Income from Continuing Operations |
|
$ |
219.2 |
|
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$ |
143.7 |
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$ |
56.4 |
|
Income from Continuing Operations Attributable to
Noncontrolling Interest |
|
(25.2 |
) |
|
(8.6 |
) |
|
(25.9 |
) |
Net Income from Continuing Operations
attributable to Cliffs shareholders |
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$ |
194.0 |
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$ |
135.1 |
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$ |
30.5 |
|
Loss from Discontinued Operations, net of tax |
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(19.9 |
) |
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(884.4 |
) |
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(7,254.7 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
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$ |
174.1 |
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|
$ |
(749.3 |
) |
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$ |
(7,224.2 |
) |
PREFERRED STOCK DIVIDENDS |
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— |
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(38.4 |
) |
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(51.2 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS |
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$ |
174.1 |
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$ |
(787.7 |
) |
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$ |
(7,275.4 |
) |
Weighted Average Number of Shares: |
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Basic |
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197.7 |
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153.2 |
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153.1 |
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Employee Stock Plans |
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2.4 |
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0.4 |
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— |
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Diluted |
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200.1 |
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153.6 |
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153.1 |
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Earnings (loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic: |
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Continuing operations |
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$ |
0.98 |
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$ |
0.63 |
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$ |
(0.14 |
) |
Discontinued operations |
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(0.10 |
) |
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(5.77 |
) |
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(47.38 |
) |
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$ |
0.88 |
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$ |
(5.14 |
) |
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$ |
(47.52 |
) |
Earnings (loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted: |
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Continuing operations |
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$ |
0.97 |
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$ |
0.63 |
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$ |
(0.14 |
) |
Discontinued operations |
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(0.10 |
) |
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(5.76 |
) |
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(47.38 |
) |
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$ |
0.87 |
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|
$ |
(5.13 |
) |
|
$ |
(47.52 |
) |
The diluted earnings per share calculation excludes 25.3 million and 25.2 million depositary shares that were anti-dilutive for the year ended December 31, 2015 and 2014, respectively. Additionally, the diluted earnings per share calculation also excludes 0.7 million of equity plan awards that were anti-dilutive for the year ended December 31, 2014.
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