EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

The following table summarizes the computation of basic and diluted EPS:


	(In Millions, Except Per Share Amounts)
	Year Ended December 31,
	2021		2020		2019
Income (loss) from continuing operations	$	3,030	$	(82)	$	295
Income from continuing operations attributable to noncontrolling interest	(45)		(41)		—
Net income (loss) from continuing operations attributable to Cliffs shareholders	2,985		(123)		295
Income (loss) from discontinued operations, net of tax	3		1		(2)
Net income (loss) attributable to Cliffs shareholders	$	2,988	$	(122)	$	293

Weighted average number of shares:
Basic	498		379		277
Redeemable preferred shares	33		—		—
Convertible senior notes	22		—		4
Employee stock plans	5		—		3
Diluted	558		379		284

Earnings (loss) per common share attributable to Cliffs common shareholders - basic1:
Continuing operations	$	5.62	$	(0.32)	$	1.07
Discontinued operations	0.01		—		(0.01)
	$	5.63	$	(0.32)	$	1.06
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted:
Continuing operations	$	5.35	$	(0.32)	$	1.04
Discontinued operations	0.01		—		(0.01)
	$	5.36	$	(0.32)	$	1.03

1 For the year ended December 31, 2021, basic earnings per share was calculated by dividing Net income (loss) attributable to Cliffs shareholders, less $187 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.

The following table summarizes the shares that have been excluded from the diluted earnings per share calculation for the year ended December 31, 2020, as they were anti-dilutive:


			(In Millions)
			2020
Redeemable preferred shares			4
Convertible senior notes			2
Shares related to employee stock plans			1