Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2012

Summary of Significant Accounting Policies

Note A — Summary of Significant Accounting Policies

Earnings Per Common Share

For the three and six months ended June 30, 2012 and 2011, basic and diluted EPS for Con Edison are calculated as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Millions of Dollars, except per share amounts/Shares in Millions)	2012		2011		2012		2011
Net income for common stock		$   214		$   165		$   491		$   477
Weighted average common shares outstanding – Basic		292.9		292.7		292.9		292.3
Add: Incremental shares attributable to effect of potentially dilutive securities		1.5		1.6		1.5		1.6
Adjusted weighted average common shares outstanding – Diluted		294.4		294.3		294.4		293.9
Net income for common stock per common share – basic		$  0.73		$  0.57		$  1.68		$  1.63
Net income for common stock per common share – diluted		$  0.73		$  0.56		$  1.67		$  1.62

CECONY

Summary of Significant Accounting Policies

Note A — Summary of Significant Accounting Policies

Earnings Per Common Share

For the three and six months ended June 30, 2012 and 2011, basic and diluted EPS for Con Edison are calculated as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Millions of Dollars, except per share amounts/Shares in Millions)	2012		2011		2012		2011
Net income for common stock		$   214		$   165		$   491		$   477
Weighted average common shares outstanding – Basic		292.9		292.7		292.9		292.3
Add: Incremental shares attributable to effect of potentially dilutive securities		1.5		1.6		1.5		1.6
Adjusted weighted average common shares outstanding – Diluted		294.4		294.3		294.4		293.9
Net income for common stock per common share – basic		$  0.73		$  0.57		$  1.68		$  1.63
Net income for common stock per common share – diluted		$  0.73		$  0.56		$  1.67		$  1.62