Earnings Per Share (EPS) and Dividends

12 Months Ended

Dec. 31, 2023

EPS

Basic EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding, plus dilutive potential shares related to PSEG’s stock based compensation. For additional information on PSEG’s stock compensation plans see Note 18. Stock Based Compensation. The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:



	Years Ended December 31,
	2023				2022				2021
	Basic		Diluted		Basic		Diluted		Basic		Diluted
EPS Numerator:
(Millions)
Net Income (Loss)	$	2,563	$	2,563	$	1,031	$	1,031	$	(648)	$	(648)
EPS Denominator:
(Millions)
Weighted Average Common Shares Outstanding	498		498		498		498		504		504
Effect of Stock Based Compensation Awards	—		2		—		3		—		—
Total Shares	498		500		498		501		504		504
EPS:
Net Income (Loss)	$	5.15	$	5.13	$	2.07	$	2.06	$	(1.29)	$	(1.29)

Approximately 3 million potentially dilutive shares were excluded from total shares used to calculate the diluted loss per share for the year ended December 31, 2021, as their impact was antidilutive.

From time to time, PSEG may repurchase shares to satisfy obligations under equity compensation awards and repurchase shares to satisfy purchases by employees under the ESPP.

For additional information on all the types of long-term incentive awards, see Note 18. Stock Based Compensation.

During 2022, PSEG completed a $500 million share repurchase program authorized by the Board of Directors in September 2021 resulting in an aggregate repurchase of approximately 7.4 million shares.

Common Stock Dividends



	Years Ended December 31,
Dividend Payments on Common Stock	2023		2022		2021
Per Share	$	2.28	$	2.16	$	2.04
in Millions	$	1,137	$	1,079	$	1,031

On February 13, 2024, PSEG’s Board of Directors approved a $0.60 per share common stock dividend for the first quarter of 2024.