NOTE 17 - EARNINGS PER SHARE The following table summarizes the computation of basic and diluted EPS: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (In millions, except per share amounts) | 2026 | | 2025 | | 2026 | | 2025 | | Loss from continuing operations | $ | (132) | | | $ | (473) | | | $ | (358) | | | $ | (959) | | | Net income from continuing operations attributable to noncontrolling interest | (11) | | | (13) | | | (19) | | | (25) | | | Net loss from continuing operations attributable to Cliffs shareholders | (143) | | | (486) | | | (377) | | | (984) | | | Loss from discontinued operations, net of tax | (2) | | | — | | | (5) | | | — | | | Net loss attributable to Cliffs shareholders | $ | (145) | | | $ | (486) | | | $ | (382) | | | $ | (984) | | | | | | | | | | | Weighted average number of shares: | | | | | | | | | Basic | 571 | | | 495 | | | 571 | | 495 | Employee stock plans1 | — | | | — | | | — | | — | | Diluted | 571 | | | 495 | | | 571 | | 495 | | | | | | | | | | Loss per common share attributable to Cliffs shareholders - basic: | | | | | | | | | Continuing operations | $ | (0.25) | | | $ | (0.98) | | | $ | (0.66) | | | $ | (1.99) | | | Discontinued operations | — | | | — | | | (0.01) | | | — | | | $ | (0.25) | | | $ | (0.98) | | | $ | (0.67) | | | $ | (1.99) | | | | | | | | | | | Loss per common share attributable to Cliffs shareholders - diluted: | | | | | | | | | Continuing operations | $ | (0.25) | | | $ | (0.98) | | | $ | (0.66) | | | $ | (1.99) | | | Discontinued operations | — | | | — | | | (0.01) | | | — | | | $ | (0.25) | | | $ | (0.98) | | | $ | (0.67) | | | $ | (1.99) | | | | | | | | | | 1 For the three and six months ended June 30, 2026, 6 million and 5 million, respectively, potentially dilutive shares were excluded from the computation of diluted EPS because their effect would have been anti-dilutive. For the three and six months ended June 30, 2025, 4 million and 2 million, respectively, potentially dilutive shares were excluded from the computation of diluted EPS because their effect would have been anti-dilutive. |
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