COMMON EQUITY

6 Months Ended

Jun. 30, 2020

Shareholders' Equity and Share-based Payments

COMMON EQUITY

Stock-Based Compensation

During the six months ended June 30, 2020, the Compensation Committee of our Board of Directors awarded the following stock-based compensation awards to our directors, officers, and certain other key employees:


Award Type						Number of Awards
Stock options ⁽¹⁾						548,844
Restricted shares⁽²⁾						91,467
Performance units						151,705

⁽¹⁾Stock options awarded had a weighted-average exercise price of $91.55 and a weighted-average grant date fair value of $10.93 per option.

⁽²⁾Restricted shares awarded had a weighted-average grant date fair value of $91.55 per share.

Restrictions

Our ability as a holding company to pay common stock dividends primarily depends on the availability of funds received from our utility subsidiaries, We Power, ATC Holding LLC, which holds our ownership interest in ATC, and WECI. Various financing arrangements and regulatory requirements impose certain restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans, or advances. All of our utility subsidiaries, with the exception of UMERC and MGU, are prohibited from loaning funds to us, either directly or indirectly. See Note 10, Common Equity, in our 2019 Annual Report on Form 10-K for additional information on these and other restrictions.

We do not believe that these restrictions will materially affect our operations or limit any dividend payments in the foreseeable future.

Common Stock Dividends

On July 16, 2020, our Board of Directors declared a quarterly cash dividend of $0.6325 per share, payable on September 1, 2020, to shareholders of record on August 14, 2020.