Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE (Tables)

v3.22.1
EARNINGS PER SHARE (Tables)
3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Computation
The following table summarizes the computation of basic and diluted earnings per share:
(In Millions, Except Per Share Amounts)
Three Months Ended
March 31,
2022 2021
Income from continuing operations $ 813  $ 57 
Income from continuing operations attributable to noncontrolling interest (13) (16)
Net income from continuing operations attributable to Cliffs shareholders 800  41 
Income from discontinued operations, net of tax 1  — 
Net income attributable to Cliffs shareholders $ 801  $ 41 
Weighted average number of shares:
Basic 521 490
Redeemable preferred shares 58
Convertible senior notes1
7 19
Employee stock plans 4 4
Diluted 532 571
Earnings per common share attributable to Cliffs shareholders - basic2:
Continuing operations $ 1.54  $ 0.08 
Discontinued operations   — 
$ 1.54  $ 0.08 
Earnings per common share attributable to Cliffs shareholders - diluted:
Continuing operations $ 1.50  $ 0.07 
Discontinued operations   — 
$ 1.50  $ 0.07 
1 On January 1, 2022, we adopted ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). We utilized the modified retrospective method of adoption; using this approach, the guidance was applied to transactions outstanding as of the beginning of the fiscal year.
2 For the three months ended March 31, 2021, basic earnings per share is calculated by dividing Net income 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.