Earnings Per Share

12 Months Ended

Dec. 31, 2020

NOTE 8. EARNINGS PER SHARE

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

	2020			2019			2018
(millions, except EPS)
Net income attributable to Dominion Energy from continuing operations	$	1,583		$	653		$	2,087
Preferred stock dividends (see Note 19)		(65	)		(17	)		—
Net income attributable to Dominion Energy from continuing operations - Basic		1,518			636			2,087
Dilutive effect of Series A Preferred Stock		(11	)		(28	)		—
Net income attributable to Dominion Energy from continuing operations - Diluted	$	1,507		$	608		$	2,087
Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted	$	(1,984	)	$	705		$	360
Average shares of common stock outstanding – Basic		831.0			808.8			654.2
Net effect of dilutive securities⁽¹⁾		—			0.1			0.7
Average shares of common stock outstanding – Diluted		831.0			808.9			654.9
EPS from continuing operations - Basic	$	1.83		$	0.79		$	3.19
EPS from discontinued operations - Basic		(2.39	)		0.87			0.55
EPS attributable to Dominion Energy - Basic	$	(0.56	)	$	1.66		$	3.74
EPS from continuing operations - Diluted		1.82		$	0.75		$	3.19
EPS from discontinued operations - Diluted		(2.39	)		0.87			0.55
EPS attributable to Dominion Energy - Diluted	$	(0.57	)	$	1.62		$	3.74

(1)	Dilutive securities for 2018 consist primarily of forward sale agreements, effective April 2018 to December 2018. See Note 20 for more information.

The 2019 Equity Units, the 2016 Equity Units, the Dominion Energy Midstream convertible preferred units and the Q-Pipe Transaction deposit are potentially dilutive instruments. See Notes 3, 18, 19 and 20 for additional information. The forward stock purchase contracts included within the 2019 Equity Units were excluded from the calculation of diluted EPS from continuing operations for the years ended December 31, 2020 and 2019 as the dilutive stock price threshold was not met. For the years ended December 31, 2020 and 2019, the Series A Preferred Stock included within the 2019 Equity Units is excluded from the calculation of dilutive EPS from continuing operations, but a fair value adjustment is reflected within net income from continuing operations attributable to Dominion Energy for the calculation of diluted EPS from continuing operations, based upon the expectation that the conversion will be settled in cash rather than through the issuance of Dominion Energy common stock. The impact of settling the deposit associated with the Q-Pipe Transaction in shares is excluded from the calculation for the year ended December 31, 2020 based upon the expectation Dominion Energy would settle in cash rather than through the issuance of Dominion Energy Common Stock. The 2016 Equity Units were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for years ended December 31, 2019 and 2018 as the dilutive stock price threshold was not met. The Dominion Energy Midstream convertible preferred units were potentially dilutive securities but had no effect on the calculation of diluted EPS from continuing operations for the year ended December 31, 2018. In calculating diluted EPS from continuing operations in connection with the Dominion Energy Midstream convertible preferred units, Dominion Energy applied the if-converted method.