16. EPS

Basic EPS is based on the weighted-average number of DPL common shares outstanding during the year. Diluted EPS is based on the weighted-average number of DPL common and common-equivalent shares outstanding during the year, except in periods where the inclusion of such common-equivalent shares is anti-dilutive. Excluded from outstanding shares for these weighted-average computations are shares held by DP&L's Master Trust Plan for deferred compensation and unreleased shares held by DPL's ESOP.

The common-equivalent shares excluded from the calculation of diluted EPS, because they were anti-dilutive, were not material for the period January 1, 2011, through November 27, 2011 and the years ended December 31, 2010 and 2009. Effective with the Merger with AES, DPL is wholly-owned by AES and earnings per share information is no longer required.

The following illustrates the reconciliation of the numerators and denominators of the basic and diluted EPS computations:


$ and shares in millions except		January 1, 2011 through						For the years ended December 31,
per share amounts		November 27, 2011					2010					2009
					Per					Per					Per
		Income	Shares		Share		Income	Shares		Share		Income	Shares		Share
Basic EPS	$	150.5	114.5	$	1.31	$	290.3	115.6	$	2.51	$	229.1	112.9	$	2.03

Effect of Dilutive
Securities:
Warrants			0.4					0.3					1.1
Stock options, performance and
restricted shares			0.2					0.2					0.2

Diluted EPS	$	150.5	115.1	$	1.31	$	290.3	116.1	$	2.50	$	229.1	114.2	$	2.01