Earnings Per Share

6 Months Ended

Jun. 30, 2020

In accordance with GAAP, dual presentation of basic and diluted earnings per share is presented in the Condensed Consolidated Statements of Earnings of PNMR. PNMR’s potentially dilutive shares consist of restricted stock and PNMR common stock issuable under the PNMR 2020 Forward Equity Sale Agreements, which are calculated under the treasury stock method. See Note 9. Information regarding the computation of earnings per share is as follows:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020		2019		2020		2019
	(In thousands, except per share amounts)
Net Earnings (Loss) Attributable to PNMR	$	57,489	$	(75,914)	$	42,229	$	(57,214)
Average Number of Common Shares:
Outstanding during period	79,654		79,654		79,654		79,654
Vested awards of restricted stock	186		263		202		251
Average Shares – Basic	79,840		79,917		79,856		79,905
Dilutive Effect of Common Stock Equivalents:
PNMR 2020 Forward Equity Sale Agreements	—		—		86		—
Restricted stock	36		—		37		—
Average Shares – Diluted⁽¹⁾	79,876		79,917		79,979		79,905

Net Earnings (Loss) Per Share of Common Stock:
Basic	$	0.72	$	(0.95)	$	0.53	$	(0.72)
Diluted	$	0.72	$	(0.95)	$	0.53	$	(0.72)

⁽¹⁾ No potentially dilutive restricted stock have been included in the computation of Average Shares – Diluted for the three and six months ended June 30, 2019 since the effect would be anti-dilutive.