Earnings Per Share

6 Months Ended

Jun. 30, 2021

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,
	2021			2020			2021			2020
(millions, except EPS)
Net income attributable to Dominion Energy from continuing operations	$	259		$	863		$	1,239		$	397
Preferred stock dividends (see Note 16)		(16	)		(16	)		(32	)		(32	)
Net income attributable to Dominion Energy from continuing operations – Basic		243			847			1,207			365
Dilutive effect of Series A Preferred Stock		—			(92	)		—			(64	)
Net income attributable to Dominion Energy from continuing operations - Diluted	$	243		$	755		$	1,207		$	301
Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted	$	26		$	(2,032	)	$	54		$	(1,836	)
Average shares of common stock outstanding – Basic		806.6			839.4			806.2			838.8
Net effect of dilutive securities		—			—			0.1			—
Average shares of common stock outstanding – Diluted		806.6			839.4			806.3			838.8

EPS from continuing operations – Basic	$	0.30		$	1.01		$	1.49		$	0.43
EPS from discontinued operations – Basic		0.03			(2.42	)		0.07			(2.18	)
EPS attributable to Dominion Energy – Basic	$	0.33		$	(1.41	)	$	1.56		$	(1.75	)

EPS from continuing operations – Diluted	$	0.30		$	0.90		$	1.49		$	0.35
EPS from discontinued operations – Diluted		0.03			(2.42	)		0.07			(2.18	)
EPS attributable to Dominion Energy – Diluted	$	0.33		$	(1.52	)	$	1.56		$	(1.83	)

The 2019 Equity Units and the Q-Pipe Transaction deposit, prior to being settled in cash in July 2021, are potentially dilutive securities. See Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020 and Note 3, respectively, for additional 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 and six months ended June 30, 2021 and 2020, 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 and six months ended June 30, 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 periods. 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 and six months ended June 30, 2021 based upon the expectation Dominion Energy would settle in cash rather than through the issuance of Dominion Energy common stock.