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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2021
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | 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 September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Income (loss) from continuing operations | $ | 1,281 |  |  | $ | 2 |  |  | $ | 2,132 |  |  | $ | (155) |
Income from continuing operations attributable to noncontrolling interest | (8) |  |  | (12) |  |  | (39) |  |  | (31) |
Net income (loss) from continuing operations attributable to Cliffs shareholders | 1,273 |  |  | (10) |  |  | 2,093 |  |  | (186) |
Income from discontinued operations, net of tax | 1 |  |  | — |  |  | 2 |  |  | — |
Net income (loss) attributable to Cliffs shareholders | $ | 1,274 |  |  | $ | (10) |  |  | $ | 2,095 |  |  | $ | (186) |
Weighted average number of shares: |  |  |  |  |  |  |
Basic | 500 |  |  | 399 |  |  | 497 |  | 365
Redeemable preferred shares | 17 |  |  | — |  |  | 44 |  | —
Convertible senior notes | 24 |  |  | — |  |  | 21 |  | —
Employee stock plans | 6 |  |  | — |  |  | 5 |  | —
Diluted | 547 |  |  | 399 |  |  | 567 |  | 365
Earnings (loss) per common share attributable to Cliffs shareholders - basic 1: |  |  |  |  |  |  |
Continuing operations | $ | 2.46 |  |  | $ | (0.02) |  |  | $ | 3.87 |  |  | $ | (0.51) |
Discontinued operations | — |  |  | — |  |  | — |  |  | — |
| $ | 2.46 |  |  | $ | (0.02) |  |  | $ | 3.87 |  |  | $ | (0.51) |
Earnings (loss) per common share attributable to Cliffs shareholders - diluted: |  |  |  |  |  |  |
Continuing operations | $ | 2.33 |  |  | $ | (0.02) |  |  | $ | 3.69 |  |  | $ | (0.51) |
Discontinued operations | — |  |  | — |  |  | — |  |  | — |
| $ | 2.33 |  |  | $ | (0.02) |  |  | $ | 3.69 |  |  | $ | (0.51) |
1 For the three and nine months ended September 30, 2021, basic earnings per share is calculated by dividing Net income (loss) attributable to Cliffs shareholders, less $42 million and $172 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 nine months ended September 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 nine months ended September 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.

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