Earnings Per Share (EPS) and Dividends

12 Months Ended

Dec. 31, 2015

EPS

Diluted EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding, including shares issuable upon exercise of stock options outstanding or vesting of restricted stock awards granted under PSEG's stock compensation plans and upon payment of performance units or restricted stock units. The following table shows the effect of these stock options, performance units and restricted stock units on the weighted average number of shares outstanding used in calculating diluted EPS:




	Years Ended December 31,
	2015				2014				2013
	Basic		Diluted		Basic		Diluted		Basic		Diluted
EPS Numerator:
(Millions)
Net Income	$	1,679	$	1,679	$	1,518	$	1,518	$	1,243	$	1,243
EPS Denominator:
(Millions)
Weighted Average Common Shares Outstanding	505		505		506		506		506		506
Effect of Stock Based Compensation Awards	—		3		—		2		—		2
Total Shares	505		508		506		508		506		508
EPS:
Net Income	$	3.32	$	3.30	$	3.00	$	2.99	$	2.46	$	2.45

There were approximately 0.5 million, 0.4 million and 1.6 million stock options excluded from the weighted average common shares used for diluted EPS due to their antidilutive effect for the years ended December 31, 2015, 2014 and 2013, respectively. No other stock options had an antidilutive effect for the years ended December 31, 2015, 2014 or 2013.

Dividends




	Years Ended December 31,
Dividend Payments on Common Stock	2015		2014		2013
Per Share	$	1.56	$	1.48	$	1.44
in Millions	$	789	$	748	$	728

On February 16, 2016, PSEG’s Board of Directors approved a $0.41 per share common stock dividend for the first quarter of 2016.