NOTE 17 - EARNINGS PER SHARE The following table summarizes the computation of basic and diluted EPS: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | (In millions, except per share amounts) | 2026 | | 2025 | | 2026 | | 2025 | | Income (loss) from continuing operations | $ | 167 | | | $ | (231) | | | $ | (191) | | | $ | (1,190) | | | Net income from continuing operations attributable to noncontrolling interest | (13) | | | (17) | | | (32) | | | (42) | | | Net income (loss) from continuing operations attributable to Cliffs shareholders | 154 | | | (248) | | | (223) | | | (1,232) | | | Loss from discontinued operations, net of tax | (2) | | | (3) | | | (7) | | | (3) | | | Net income (loss) attributable to Cliffs shareholders | $ | 152 | | | $ | (251) | | | $ | (230) | | | $ | (1,235) | | | | | | | | | | | Weighted average number of shares: | | | | | | | | | Basic | 572 | | | 495 | | | 571 | | 495 | Employee stock plans1 | 2 | | | — | | | — | | — | | Diluted | 574 | | | 495 | | | 571 | | 495 | | | | | | | | | | Income (loss) per common share attributable to Cliffs shareholders - basic: | | | | | | | | | Continuing operations | $ | 0.27 | | | $ | (0.51) | | | $ | (0.39) | | | $ | (2.49) | | | Discontinued operations | — | | | — | | | (0.01) | | | — | | | $ | 0.27 | | | $ | (0.51) | | | $ | (0.40) | | | $ | (2.49) | | | | | | | | | | | Income (loss) per common share attributable to Cliffs shareholders - diluted: | | | | | | | | | Continuing operations | $ | 0.26 | | | $ | (0.51) | | | $ | (0.39) | | | $ | (2.49) | | | Discontinued operations | — | | | — | | | (0.01) | | | — | | | $ | 0.26 | | | $ | (0.51) | | | $ | (0.40) | | | $ | (2.49) | | | | | | | | | | 1 For the three and nine months ended September 30, 2026, an immaterial amount and 5 million, respectively, potentially dilutive shares were excluded from the computation of diluted EPS because their effect would have been anti-dilutive. For both the three and nine months ended September 30, 2025, 3 million potentially dilutive shares were excluded from the computation of diluted EPS because their effect would have been anti-dilutive. |
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