EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2021

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Income (loss) from continuing operations	$	794	$	(107)	$	851	$	(157)
Income from continuing operations attributable to noncontrolling interest	(15)		(16)		(31)		(19)
Net income (loss) from continuing operations attributable to Cliffs shareholders	779		(123)		820		(176)
Income (loss) from discontinued operations, net of tax	1		(1)		1		—
Net income (loss) attributable to Cliffs shareholders	$	780	$	(124)	$	821	$	(176)

Weighted average number of shares:
Basic	500		399		495		348
Redeemable preferred shares	58		—		58		—
Convertible senior notes	22		—		21		—
Employee stock plans	5		—		5		—
Diluted	585		399		579		348

Earnings (loss) per common share attributable to Cliffs shareholders - basic1:
Continuing operations	$	1.40	$	(0.31)	$	1.48	$	(0.51)
Discontinued operations	—		—		—		—
	$	1.40	$	(0.31)	$	1.48	$	(0.51)

Earnings (loss) per common share attributable to Cliffs shareholders - diluted:
Continuing operations	$	1.33	$	(0.31)	$	1.42	$	(0.51)
Discontinued operations	—		—		—		—
	$	1.33	$	(0.31)	$	1.42	$	(0.51)

1 For the three and six months ended June 30, 2021, basic earnings per share is calculated by dividing Net income (loss) 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.

For both the three and six months ended June 30, 2020, we had 2 million shares related to employee stock plans that were excluded from the diluted EPS calculation as they were anti-dilutive. There was no dilution during the three and six months ended June 30, 2020 related to the common share equivalents for the convertible senior notes as our common shares average price did not exceed the conversion price.