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Earnings Per Share
9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share

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 September 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions, except EPS)

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Dominion Energy from
   continuing operations

 

$

717

 

 

$

626

 

 

$

1,864

 

 

$

261

 

Preferred stock dividends (see Note 16)

 

 

(20

)

 

 

(20

)

 

 

(60

)

 

 

(72

)

Net income attributable to Dominion Energy from
   continuing operations – Basic

 

 

697

 

 

 

606

 

 

 

1,804

 

 

 

189

 

Dilutive effect of 2019 Equity Units(1)

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Dominion Energy from
   continuing operations - Diluted

 

$

697

 

 

$

606

 

 

$

1,804

 

 

$

189

 

Net income (loss) attributable to Dominion Energy from
   discontinued operations - Basic & Diluted

 

$

(554

)

 

$

152

 

 

$

(105

)

 

$

775

 

Average shares of common stock outstanding – Basic

 

 

836.8

 

 

 

832.6

 

 

 

836.0

 

 

 

820.6

 

Net effect of dilutive securities(2)

 

 

 

 

 

0.6

 

 

 

0.2

 

 

 

1.1

 

Average shares of common stock outstanding – Diluted

 

 

836.8

 

 

 

833.2

 

 

 

836.2

 

 

 

821.7

 

EPS from continuing operations – Basic

 

$

0.83

 

 

$

0.73

 

 

$

2.16

 

 

$

0.23

 

EPS from discontinued operations – Basic

 

 

(0.66

)

 

 

0.18

 

 

$

(0.13

)

 

 

0.95

 

EPS attributable to Dominion Energy – Basic

 

$

0.17

 

 

$

0.91

 

 

$

2.03

 

 

$

1.18

 

EPS from continuing operations – Diluted

 

$

0.83

 

 

$

0.73

 

 

$

2.16

 

 

$

0.23

 

EPS from discontinued operations – Diluted

 

 

(0.66

)

 

 

0.18

 

 

$

(0.13

)

 

 

0.94

 

EPS attributable to Dominion Energy – Diluted

 

$

0.17

 

 

$

0.91

 

 

$

2.03

 

 

$

1.17

 

(1)
Effective January 2022, diluted net income was no longer reduced by the Series A Preferred Stock dividends.
(2)
Dilutive securities for the nine months ended September 30, 2023 and the three and nine months ended September 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 nine months ended September 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 nine months ended September 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.