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Earnings Per Share - CMS Energy
 9 Months Ended
Sep. 30, 2014
Earnings Per Share - CMS Energy [Abstract]  
Earnings Per Share - CMS Energy

10:EARNINGS PER SHARE – CMS ENERGY

Presented in the following table are CMS Energy’s basic and diluted EPS computations based on income from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions, Except Per Share Amounts  

 

Three Months Ended

 

Nine Months Ended

 

September 30
2014 
2013 

 
2014 
2013 

 

Income available to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$
94 

 

$
127 

 

 

$
382 

 

$
352 

 

Less income attributable to noncontrolling interests

 

 

 -

 

 
1 

 

 

 
1 

 

 
2 

 

Income from continuing operations available to
   common stockholders – basic and diluted

 

$
94 

 

$
126 

 

 

$
381 

 

$
350 

 

Average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares – basic

 

 
274.0 

 

 
264.8 

 

 

 
269.4 

 

 
264.3 

 

Add dilutive contingently convertible securities

 

 

 -

 

 
6.2 

 

 

 
4.1 

 

 
6.2 

 

Add dilutive non-vested stock awards

 

 
0.7 

 

 
1.0 

 

 

 
0.7 

 

 
1.1 

 

Weighted-average shares – diluted

 

 
274.7 

 

 
272.0 

 

 

 
274.2 

 

 
271.6 

 

Income from continuing operations per average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

common share available to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$
0.34 

 

$
0.48 

 

 

$
1.41 

 

$
1.32 

 

Diluted

 

 
0.34 

 

 
0.46 

 

 

 
1.39 

 

 
1.29 

 

 

Contingently Convertible Securities

In June 2014, CMS Energy redeemed its remaining contingently convertible securities.  For the periods those securities were outstanding, they diluted EPS to the extent that the conversion value of the securities, which was based on the average market price of CMS Energy common stock, exceeded their principal value.  For additional details regarding the contingently convertible securities, see Note 4, Financings and Capitalization.

Non‑vested Stock Awards

CMS Energy’s non‑vested stock awards are composed of participating and non‑participating securities.  The participating securities accrue cash dividends when common stockholders receive dividends.  Since the recipient is not required to return the dividends to CMS Energy if the recipient forfeits the award, the non‑vested stock awards are considered participating securities.  As such, the participating non‑vested stock awards were included in the computation of basic EPS.  The non‑participating securities accrue stock dividends that vest concurrently with the stock award.  If the recipient forfeits the award, the stock dividends accrued on the non‑participating securities are also forfeited.  Accordingly, the non‑participating awards and stock dividends were included in the computation of diluted EPS, but not basic EPS.