Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

The following table presents the calculation of Dominion Energy’s basic and diluted EPS:


	2022			2021			2020
(millions, except EPS)
Net income attributable to Dominion Energy from continuing operations	$	985		$	2,647		$	1,583
Preferred stock dividends (see Note 19)		(93	)		(68	)		(65	)
Net income attributable to Dominion Energy from continuing operations - Basic		892			2,579			1,518
Dilutive effect of 2019 Equity Units(1)		—			—			(11	)
Net income attributable to Dominion Energy from continuing operations - Diluted	$	892		$	2,579		$	1,507
Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted	$	9		$	641		$	(1,984	)
Average shares of common stock outstanding – Basic		823.9			807.8			831.0
Net effect of dilutive securities(2)		0.9			0.7			—
Average shares of common stock outstanding – Diluted		824.8			808.5			831.0
EPS from continuing operations - Basic	$	1.08		$	3.19		$	1.83
EPS from discontinued operations - Basic		0.01			0.79			(2.39	)
EPS attributable to Dominion Energy - Basic	$	1.09		$	3.98		$	(0.56	)
EPS from continuing operations - Diluted	$	1.08		$	3.19		$	1.82
EPS from discontinued operations - Diluted		0.01			0.79			(2.39	)
EPS attributable to Dominion Energy - Diluted	$	1.09		$	3.98		$	(0.57	)

(1)

As discussed in Note 19, effective in June 2022 through its redemption in September 2022, the Series A Preferred Stock was considered to be mandatorily redeemable and was classified in current liabilities. In accordance with revised accounting standards effective January 2022, a fair value adjustment, if dilutive, of the Series A Preferred Stock was no longer included in applying the if converted method to the 2019 Equity Units. In addition, diluted net income was no longer reduced by the Series A Preferred Stock dividends. No fair value adjustment was necessary for 2021.

(2)

Dilutive securities for 2022 and 2021 consist primarily of stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method) as well as forward sales agreements entered into in November 2021 and settled in December 2022 (applying the treasury stock method). See Notes 20 and 23 for additional information.