Earnings Per Share

6 Months Ended

Jun. 30, 2020

Note 6. Earnings Per Share

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
(millions, except EPS)
Net income (loss) attributable to Dominion Energy	$	(1,169	)	$	54		$	(1,439	)	$	(626	)
Preferred stock dividends (see Note 16)		(16	)		—			(32	)		—
Net income (loss) attributable to Dominion Energy – Basic		(1,185	)		54			(1,471	)		(626	)
Dilutive effect of Series A Preferred Stock		—			(13	)		—			—
Net income (loss) attributable to Dominion Energy - Diluted		(1,185	)		41			(1,471	)		(626	)
Average shares of common stock outstanding – Basic & Diluted		839.4			802.5			838.8			797.8
Net effect of dilutive securities		—			0.1			—			—
Average shares of common stock outstanding – Diluted		839.4			802.6			838.8			797.8
Earnings Per Common Share – Basic	$	(1.41	)	$	0.07		$	(1.75	)	$	(0.78	)
Earnings Per Common Share – Diluted	$	(1.41	)	$	0.05		$	(1.75	)	$	(0.78	)

As a result of a net loss for the three and six months ended June 30, 2020 and the six months ended June 30, 2019, any adjustments to earnings or shares would be considered antidilutive and are therefore excluded from the calculation of diluted EPS. 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 three months ended June 30, 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 three months ended June 30, 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 are potentially dilutive securities, but were excluded from the calculation of diluted EPS for the three months ended June 30, 2019 as the dilutive stock price threshold was not met.