Exhibit 11
Computation of Earnings Per Share
CLEVELAND-CLIFFS INC AND CONSOLIDATED SUBSIDIARIES
(In Millions, Except Per
Share Amounts)
Year Ended December 31
1994 1993 1992
------- ------- -------
Earnings per share, as reported:
Average shares outstanding 12.1 12.0 12.0
======= ======= =======
Income before cumulative effect of
changes in accounting principles $ 42.8 $ 54.6 $ 30.8
Cumulative effect on prior years of
changes in accounting principles -- -- (38.7)
------- ------- -------
Net income (loss) $ 42.8 $ 54.6 $ (7.9)
======= ======= =======
Income (loss) per share:
Income before cumulative effect of
changes in accounting principles $ 3.54 $ 4.55 $ 2.57
Cumulative effect on prior years of
changes in accounting principles -- -- (3.23)
------- ------- -------
Net income (loss) $ 3.54 $ 4.55 $ (.66)
======= ======= =======
Primary earnings per share:
Average shares outstanding 12.1 12.0 12.0
Net effect of dilutive stock options -
based on the treasury stock method
using average market price -- 0.1 0.1
------- ------- -------
Average shares and equivalents 12.1 12.1 12.1
======= ======= =======
Income before cumulative effect of
changes in accounting principles $ 42.8 $ 54.6 $ 30.8
Cumulative effect on prior years of
changes in accounting principles -- -- (38.7)
------- ------- -------
Net income (loss) $ 42.8 $ 54.6 $ (7.9)
======= ======= =======
Income (loss) per share:
Income before cumulative effect of
changes in accounting principles $ 3.54 $ 4.51 $ 2.55
Cumulative effect on prior years of
changes in accounting principles -- -- (3.20)
------- ------- -------
Net income (loss) $ 3.54 $ 4.51 $ (.65)
======= ======= =======
30
(In Millions, Except Per
Share Amounts)
Year Ended December 31
1994 1993 1992
-------- -------- --------
Fully diluted earnings per share:
Average shares outstanding 12.1 12.0 12.0
Net effect of dilutive stock options -
based on the treasury stock method
using higher of year-end or average
market price -- 0.1 0.1
------- ------- -------
Average fully diluted shares 12.1 12.1 12.1
======= ======= =======
Income before cumulative effect of
changes in accounting principles $ 42.8 $ 54.6 $ 30.8
Cumulative effect on prior years of
changes in accounting principles -- -- (38.7)
------- ------- -------
Net income (loss) $ 42.8 $ 54.6 $ (7.9)
======= ======= =======
Income (loss) per share:
Income before cumulative effect of
changes in accounting principles $ 3.54 $ 4.51 $ 2.55
Cumulative effect on prior years of
changes in accounting principles -- -- (3.20)
------- ------- -------
Net income (loss) $ 3.54 $ 4.51 $ (.65)
======= ======= =======
Common stock options do not have a material dilutive effect and therefore
were not included in the computation of earnings per share as reported.
31