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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2022
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 March 31,
|  |  |  |  | 2022 |  | 2021
Income from continuing operations |  |  |  |  | $ | 813 |  |  | $ | 57 |
Income from continuing operations attributable to noncontrolling interest |  |  |  |  | (13) |  |  | (16) |
Net income from continuing operations attributable to Cliffs shareholders |  |  |  |  | 800 |  |  | 41 |
Income from discontinued operations, net of tax |  |  |  |  | 1 |  |  | — |
Net income attributable to Cliffs shareholders |  |  |  |  | $ | 801 |  |  | $ | 41 |
Weighted average number of shares: |  |  |  |  |  |  |
Basic |  |  |  |  | 521 |  | 490
Redeemable preferred shares |  |  |  |  | — |  | 58
Convertible senior notes 1 |  |  |  |  | 7 |  | 19
Employee stock plans |  |  |  |  | 4 |  | 4
Diluted |  |  |  |  | 532 |  | 571
Earnings per common share attributable to Cliffs shareholders - basic 2: |  |  |  |  |  |  |
Continuing operations |  |  |  |  | $ | 1.54 |  |  | $ | 0.08 |
Discontinued operations |  |  |  |  | — |  |  | — |
|  |  |  |  | $ | 1.54 |  |  | $ | 0.08 |
Earnings per common share attributable to Cliffs shareholders - diluted: |  |  |  |  |  |  |
Continuing operations |  |  |  |  | $ | 1.50 |  |  | $ | 0.07 |
Discontinued operations |  |  |  |  | — |  |  | — |
|  |  |  |  | $ | 1.50 |  |  | $ | 0.07 |
1 On January 1, 2022, we adopted ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). We utilized the modified retrospective method of adoption; using this approach, the guidance was applied to transactions outstanding as of the beginning of the fiscal year.
2 For the three months ended March 31, 2021, basic earnings per share is calculated by dividing Net income attributable to Cliffs shareholders, less $4 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.

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