COMMON EQUITY

9 Months Ended

Sep. 30, 2023

Stock-Based Compensation

During the nine months ended September 30, 2023, the Compensation Committee of our Board of Directors awarded the following stock-based compensation to our directors, officers, and certain other key employees:


Award Type						Number of Awards
Stock options (1)						257,780
Restricted shares (2)						75,453
Performance units						157,035

(1)Stock options awarded had a weighted-average exercise price of $93.69 and a weighted-average grant date fair value of $19.58 per option.

(2)Restricted shares awarded had a weighted-average grant date fair value of $93.69 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, Bluewater, 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. Our utility subsidiaries, with the exception of UMERC and MGU, are prohibited from loaning funds to us, either directly or indirectly. See Note 11, Common Equity, in our 2022 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 October 19, 2023, our Board of Directors declared a quarterly cash dividend of $0.78 per share, payable on December 1, 2023, to shareholders of record on November 14, 2023.