EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2022

NOTE 17 - EARNINGS PER SHARE

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.