Earnings Per Share and Dividends

12 Months Ended

Dec. 31, 2021

EARNINGS PER SHARE AND DIVIDENDS

Basic earnings per share is calculated by dividing Net Income attributable to DT Midstream by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution that would occur if any potentially dilutive instruments were exercised or converted into common shares. Restricted stock units and performance shares that are dilutive are included in the determination of weighted average shares outstanding. Restricted stock units and performance shares do not receive cash dividends, as such, these awards are not considered participating securities.

The DT Midstream Board of Directors authorized the issuance of an additional 96,731,466 common shares to DTE Energy on June 30, 2021 for a total of 96,732,466 common shares issued and outstanding at the date of the Separation. This share amount is utilized for the calculation of basic and diluted earnings per share for all periods prior to the Separation presented based on Net Income attributable to DT Midstream. For the years ended December 31, 2021, 2020 and 2019, these shares are treated as issued and outstanding for purposes of calculating historical earnings per share.

The following is a reconciliation of DT Midstream's basic and diluted earnings per share calculation:


		Year Ended December 31,
			2021		2020		2019
	(millions, except per share amounts)
Basic and Diluted Earnings per Common Share
Net Income Attributable to DT Midstream			$	307	$	312	$	204
Average number of common shares outstanding — basic			96.7		96.7		96.7

Incremental shares attributable to:
Average dilutive restricted stock units and performance share awards			0.2		—		—
Average number of common shares outstanding — diluted			96.9		96.7		96.7

Basic Earnings per Common Share			$	3.17	$	3.23	$	2.11
Diluted Earnings per Common Share			$	3.16	$	3.23	$	2.11

DT Midstream declared the following cash dividends:


Quarters Ended	Quarterly Dividend				Dividend Payment Date
	(per-share)		(millions)
2021
September 30	$	0.60	$	58	October 2021
December 31	$	0.60	$	58	January 2022