Earnings Per Share

3 Months Ended

Mar. 31, 2021

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:

	Three Months Ended March 31,
	2021			2020
(millions, except EPS)
Net income (loss) attributable to Dominion Energy from     continuing operations	$	980		$	(466	)
Preferred stock dividends (see Note 16)		(16	)		(16	)
Net income (loss) attributable to Dominion Energy from     continuing operations – Basic		964			(482	)
Dilutive effect of Series A Preferred Stock		—			—
Net income (loss) attributable to Dominion Energy from     continuing operations - Diluted	$	964		$	(482	)
Net income attributable to Dominion Energy from     discontinued operations - Basic & Diluted	$	28		$	196
Average shares of common stock outstanding – Basic &     Diluted		805.9			838.2
Net effect of dilutive securities		—			—
Average shares of common stock outstanding – Diluted		805.9			838.2
EPS from continuing operations – Basic	$	1.19		$	(0.57	)
EPS from discontinued operations – Basic		0.04			0.23
EPS attributable to Dominion Energy – Basic	$	1.23		$	(0.34	)
EPS from continuing operations – Diluted		1.19		$	(0.57	)
EPS from discontinued operations – Diluted		0.04			0.23
EPS attributable to Dominion Energy – Diluted	$	1.23		$	(0.34	)

The 2019 Equity Units and the Q-Pipe Transaction deposit are potentially dilutive securities. See Note 3 in this report and Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020 for more information. The forward stock purchase contracts included within the 2019 Equity Units were excluded from the calculation of diluted EPS from continuing operations for the three months ended March 31, 2021, as the dilutive stock price threshold was not met. The Series A Preferred Stock included within the 2019 Equity Units is excluded from the calculation of diluted EPS from continuing operations based upon the expectation that the conversion will be settled in cash rather than through the issuance of Dominion Energy common stock. For the three months ended March 31, 2021, a fair value adjustment related to the Series A Preferred Stock included within the 2019 Equity Units is excluded from the calculation of diluted EPS from continuing operations, as such fair value adjustment was not dilutive during the period. As a result of a net loss attributable to Dominion Energy from continuing operations for the three months ended March 31, 2020, any adjustments to earnings or shares would be considered antidilutive and are therefore excluded from the calculation of diluted EPS from continuing operations. The impact of settling the deposit associated with the Q-Pipe Transaction in shares is excluded from the calculation of diluted EPS from continuing operations for the three months ended March 31, 2021 based upon the expectation Dominion Energy would settle in cash rather than through the issuance of Dominion Energy common stock.