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Exhibit 11
Computation of Earnings Per Share
CLEVELAND-CLIFFS INC AND CONSOLIDATED SUBSIDIARIES
(In Millions, Except Per
Share Amounts)
Year Ended December 31
1993 1992 1991
-------- -------- --------
Earnings per share, as reported:
Average shares outstanding 12.0 12.0 11.8
======== ======== ========
Income before cumulative effect of
changes in accounting principles $ 54.6 $ 30.8 $ 53.8
Cumulative effect on prior years of
changes in accounting principles -- (38.7) --
-------- -------- --------
Net income (loss) $ 54.6 $ ( 7.9) $ 53.8
======== ======== ========
Income (loss) per share:
Income before cumulative effect of
changes in accounting principles $ 4.55 $ 2.57 $ 4.55
Cumulative effect on prior years of
changes in accounting principles -- (3.23) --
-------- -------- --------
Net income (loss) $ 4.55 $ ( .66) $ 4.55
======== ======== ========
Primary earnings per share:
Average shares outstanding 12.0 12.0 11.8
Net effect of dilutive stock options -
based on the treasury stock method
using average market price 0.1 0.1 0.1
-------- -------- --------
Average shares and equivalents 12.1 12.1 11.9
======== ======== ========
Income before cumulative effect of
changes in accounting principles $ 54.6 $ 30.8 $ 53.8
Cumulative effect on prior years of
changes in accounting principles -- (38.7) --
-------- -------- --------
Net income (loss) $ 54.6 $ (7.9) $ 53.8
======== ======== ========
Income (loss) per share:
Income before cumulative effect of
changes in accounting principles $ 4.51 $ 2.55 $ 4.52
Cumulative effect on prior years of
changes in accounting principles -- (3.20) --
-------- -------- --------
Net income (loss) $ 4.51 $ (.65) $ 4.52
======== ======== ========
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2
(In Millions, Except Per
Share Amounts)
Year Ended December 31
1993 1992 1991
-------- -------- --------
Fully diluted earnings per share:
Average shares outstanding 12.0 12.0 11.8
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 0.1
-------- -------- --------
Average fully diluted shares 12.1 12.1 11.9
======== ======== ========
Income before cumulative effect of
changes in accounting principles $ 54.6 $ 30.8 $ 53.8
Cumulative effect on prior years of
changes in accounting principles -- (38.7) --
-------- -------- --------
Net income (loss) $ 54.6 $ (7.9) $ 53.8
======== ======== ========
Income (loss) per share:
Income before cumulative effect of
changes in accounting principles $ 4.51 $ 2.55 $ 4.52
Cumulative effect on prior years of
changes in accounting principles -- (3.20) --
-------- -------- --------
Net income (loss) $ 4.51 $ (.65) $ 4.52
======== ======== ========
<FN>
Common stock options do not have a material dilutive effect and therefore
were not included in the computation of earnings per share as reported.
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