Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Note 8. Earnings Per Share

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

	2019			2018		2017
(millions, except EPS)
Net income attributable to Dominion Energy	$	1,358		$	2,447	$	2,999
Preferred stock dividends (see Note 19)		(17	)		—		—
Net income attributable to Dominion Energy – Basic		1,341			2,447		2,999
Dilutive effect of Series A Preferred Stock		(28	)		—		—
Net income attributable to Dominion Energy – Diluted		1,313			2,447		2,999
Average shares of common stock outstanding – Basic		808.8			654.2		636.0
Net effect of dilutive securities(1)		0.1			0.7		—
Average shares of common stock outstanding – Diluted		808.9			654.9		636.0
Earnings Per Common Share – Basic	$	1.66		$	3.74	$	4.72
Earnings Per Common Share – Diluted	$	1.62		$	3.74	$	4.72

(1) Dilutive securities for 2018 consist primarily of forward sale agreements, effective April 2018 to December 2018. See Notes 17 and 19 for more information.

The 2019 Equity Units are potentially dilutive securities. The forward stock purchase contracts included within the 2019 Equity Units were excluded from the calculation of diluted EPS for the year ended December 31, 2019, as the dilutive stock price threshold was not met. The Series A Preferred Stock included within the 2019 Equity Units is excluded from the effect of dilutive securities within diluted EPS, but a fair value adjustment is reflected within net income attributable to Dominion Energy for the calculation of diluted EPS for the year ended December 31, 2019 based upon the expectation that the conversion will be settled in cash rather than through the issuance of Dominion Energy common stock. The 2016 Equity Units were potentially dilutive securities, but were excluded from the calculation of diluted EPS for the years ended December 31, 2019, 2018 and 2017 as the dilutive stock price threshold was not met. The Dominion Energy Midstream convertible preferred units were potentially dilutive securities but had no effect on the calculation of diluted EPS for the years ended December 31, 2018 and 2017. In calculating diluted EPS in connection with the Dominion Energy Midstream convertible preferred units, Dominion Energy applied the if-converted method.