EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2022

The following table summarizes the computation of basic and diluted earnings per share:


	(In Millions, Except Per Share Amounts)
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Income from continuing operations	$	600	$	794	$	1,413	$	851
Income from continuing operations attributable to noncontrolling interest	(5)		(15)		(18)		(31)
Net income from continuing operations attributable to Cliffs shareholders	595		779		1,395		820
Income from discontinued operations, net of tax	1		1		2		1
Net income attributable to Cliffs shareholders	$	596	$	780	$	1,397	$	821

Weighted average number of shares:
Basic	523		500		522		495
Redeemable preferred shares	—		58		—		58
Convertible senior notes1	—		22		4		21
Employee stock plans	3		5		3		5
Diluted	526		585		529		579

Earnings per common share attributable to Cliffs shareholders - basic2:
Continuing operations	$	1.14	$	1.40	$	2.67	$	1.48
Discontinued operations	—		—		—		—
	$	1.14	$	1.40	$	2.67	$	1.48

Earnings per common share attributable to Cliffs shareholders - diluted:
Continuing operations	$	1.13	$	1.33	$	2.64	$	1.42
Discontinued operations	—		—		—		—
	$	1.13	$	1.33	$	2.64	$	1.42

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 and six months ended June 30, 2021, basic earnings per share is calculated by dividing Net income attributable to Cliffs shareholders, less $82 million and $86 million, respectively, of earnings attributed to Series B Participating Redeemable Preferred Stock, by the weighted average number of basic common shares outstanding during the period presented.