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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Income from continuing operations | $ | 600 |  |  | $ | 794 |  |  | $ | 1,413 |  |  | $ | 851 |
Income from continuing operations attributable to noncontrolling interest | (5) |  |  | (15) |  |  | (18) |  |  | (31) |
Net income from continuing operations attributable to Cliffs shareholders | 595 |  |  | 779 |  |  | 1,395 |  |  | 820 |
Income from discontinued operations, net of tax | 1 |  |  | 1 |  |  | 2 |  |  | 1 |
Net income attributable to Cliffs shareholders | $ | 596 |  |  | $ | 780 |  |  | $ | 1,397 |  |  | $ | 821 |
Weighted average number of shares: |  |  |  |  |  |  |
Basic | 523 |  |  | 500 |  |  | 522 |  | 495
Redeemable preferred shares | — |  |  | 58 |  |  | — |  | 58
Convertible senior notes 1 | — |  |  | 22 |  |  | 4 |  | 21
Employee stock plans | 3 |  |  | 5 |  |  | 3 |  | 5
Diluted | 526 |  |  | 585 |  |  | 529 |  | 579
Earnings per common share attributable to Cliffs shareholders - basic 2: |  |  |  |  |  |  |
Continuing operations | $ | 1.14 |  |  | $ | 1.40 |  |  | $ | 2.67 |  |  | $ | 1.48 |
Discontinued operations | — |  |  | — |  |  | — |  |  | — |
| $ | 1.14 |  |  | $ | 1.40 |  |  | $ | 2.67 |  |  | $ | 1.48 |
Earnings per common share attributable to Cliffs shareholders - diluted: |  |  |  |  |  |  |
Continuing operations | $ | 1.13 |  |  | $ | 1.33 |  |  | $ | 2.64 |  |  | $ | 1.42 |
Discontinued operations | — |  |  | — |  |  | — |  |  | — |
| $ | 1.13 |  |  | $ | 1.33 |  |  | $ | 2.64 |  |  | $ | 1.42 |
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 and six months ended June 30, 2021, basic earnings per share is calculated by dividing Net income attributable to Cliffs shareholders, less $82 million and $86 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.

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