Cleveland-Cliffs Inc. Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2023

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		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.