Earnings Per Share

6 Months Ended

Jun. 30, 2023

Note 6. Earnings Per Share

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


	Quarter-to-Date						Year-to-Date
Period Ended June 30,	2023			2022			2023			2022
(millions, except EPS)
Net income (loss) attributable to Dominion Energy from continuing operations	$	586		$	(452	)	$	1,588		$	240
Preferred stock dividends (see Note 16)		(20	)		(25	)		(40	)		(52	)
Net income (loss) attributable to Dominion Energy from continuing operations – Basic		566			(477	)		1,548			188
Dilutive effect of 2019 Equity Units(1)(2)		—			—			—			—
Net income (loss) attributable to Dominion Energy from continuing operations - Diluted	$	566		$	(477	)	$	1,548		$	188
Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted	$	13		$	(1	)	$	8		$	18
Average shares of common stock outstanding – Basic		836.0			818.4			835.6			814.5
Net effect of dilutive securities(1)(3)		0.2			—			0.3			1.4
Average shares of common stock outstanding – Diluted		836.2			818.4			835.9			815.9
EPS from continuing operations – Basic	$	0.67		$	(0.58	)	$	1.85		$	0.23
EPS from discontinued operations – Basic		0.02			—			0.01			0.02
EPS attributable to Dominion Energy – Basic	$	0.69		$	(0.58	)	$	1.86		$	0.25
EPS from continuing operations – Diluted	$	0.67		$	(0.58	)	$	1.85		$	0.23
EPS from discontinued operations – Diluted		0.02			—			0.01			0.02
EPS attributable to Dominion Energy – Diluted	$	0.69		$	(0.58	)	$	1.86		$	0.25

(1)

As a result of a net loss for the three months ended June 30, 2022, any adjustments to earnings or shares would be considered antidilutive and are therefore excluded from the calculation of diluted EPS.

(2)

Effective January 2022, diluted net income was no longer reduced by the Series A Preferred Stock dividends.

(3)

Dilutive securities for the three and six months ended June 30, 2023 and the six months ended June 30, 2022 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Note 17 for additional information. Additionally, dilutive securities for the six months ended June 30, 2022 included forward sales agreements entered into in November 2021 (applying the treasury stock method). See Note 20 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

The 2019 Equity Units, prior to settlement in June 2022, were a potentially dilutive instrument. See Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 and Note 16 in this report for additional information.

For the six months ended June 30, 2022, the 2019 Equity Units, applying the if converted method for the period prior to settlement in June 2022, were excluded from the calculation of diluted EPS from continuing operations as the effects were anti-dilutive.