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Stock Based Compensation, Dividend Restrictions, and Calculations of Earnings Per Share of Common Stock (Tables)
 12 Months Ended
Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Restricted Stock and Restricted Stock Units

For performance-based restricted stock unit awards, the table reflects awards projected, for purposes of computing the weighted average grant date fair value, to achieve 100% of targeted performance criteria for each outstanding award cycle.

 

     Number
of Shares		     Weighted
Average Grant
Date Fair Value		  

Balance as of January 1, 2013

     

Time-based restricted stock

Time-based restricted stock units

Performance-based restricted stock units

     

 

 

 134,607

513,204

1,032,396

  

 

 

   $

 

 

 16.56

19.42

20.34

   

  

  
  

 

 

    

Total

      1,680,207    

Granted during 2013

     

Time-based restricted stock units

      237,733       19.70   

Performance-based restricted stock units

      444,969       17.03   
  

 

 

    

Total

      682,702    

Vested during 2013

     

Time-based restricted stock

Time-based restricted stock units

Performance-based restricted stock units

     

 

 

 (134,607

(123,021

(314,995

 ) 

) 

) 

    

 

 

 16.56

18.45

20.00

   

  

  
  

 

 

    

Total

      (572,623 )   

Forfeited during 2013

     

Time-based restricted stock units

Performance-based restricted stock units

     

 

 (44,362

(92,540

 ) 

) 

    

 

 19.64

19.91

   

  
  

 

 

    

Total

      (136,902 )   

Balance as of December 31, 2013

     

Time-based restricted stock

Time-based restricted stock units

Performance-based restricted stock units

     

 

 

 —  

583,554

1,069,830

  

 

 

    

 

 

 —  

19.34

19.06

   

  

  
  

 

 

    

Total

      1,653,384    
  

 

 

    

 
Weighted Average Grant Date Fair Value Per Share

The following table provides the weighted average grant date fair value per share of those awards granted during each of the years ended December 31, 2013, 2012 and 2011:

 

     2013      2012      2011  

Weighted average grant-date fair value of each unrestricted stock award granted during the year

    $  —        $ 18.85       $  —     

Weighted average grant-date fair value of each time-based restricted stock unit award granted during the year

    $ 19.70       $ 19.69       $ 18.87   

Weighted average grant-date fair value of each performance-based restricted stock unit award granted during the year

    $ 17.03       $ 21.13       $ 19.56   

 
Dividends Received from Subsidiaries

For the years ended December 31, 2013, 2012 and 2011, dividends paid by PHI’s subsidiaries were as follows:

 

Subsidiary

    2013      2012      2011  
     (millions of dollars)  

Pepco (paid to PHI)

    $ 46       $ 35       $ 25   

DPL (paid to Conectiv)

      30         —           60   

ACE (paid to Conectiv)

      60         35         —     
  

 

 

     

 

 

     

 

 

  

Total

    $ 136       $ 70       $ 85   
  

 

 

     

 

 

     

 

 
Calculation of Earnings Per Share of Common Stock

The numerator and denominator for basic and diluted earnings per share of common stock calculations are shown below.

 

     For the Years Ended December 31,  
     2013     2012      2011  
     (millions of dollars, except per share data)  

Income (Numerator):

        

Net income from continuing operations

    $ 110     $ 218      $ 222  

Net (loss) income from discontinued operations

      (322 )     67        35  
  

 

 

    

 

 

     

 

 

  

Net (loss) income

    $ (212 )   $ 285      $ 257  
  

 

 

    

 

 

     

 

 

  

Shares (Denominator) (in millions):

        

Weighted average shares outstanding for basic computation:

        

Average shares outstanding

      246       229        226  

Adjustment to shares outstanding

      —         —          —    
  

 

 

    

 

 

     

 

 

  

Weighted Average Shares Outstanding for Computation of Basic Earnings Per Share of Common Stock

      246       229        226  

Net effect of potentially dilutive shares (a)

      —         1        —    
  

 

 

    

 

 

     

 

 

  

Weighted Average Shares Outstanding for Computation of Diluted Earnings Per Share of Common Stock

      246       230        226  
  

 

 

    

 

 

     

 

 

  

Basic earnings per share of common stock from continuing operations

    $ 0.45     $ 0.95      $ 0.98  

Basic (loss) earnings per share of common stock from discontinued operations

      (1.31 )     0.30        0.16  
  

 

 

    

 

 

     

 

 

  

Basic (loss) earnings per share

    $ (0.86 )   $ 1.25      $ 1.14  
  

 

 

    

 

 

     

 

 

  

Diluted earnings per share of common stock from continuing operations

    $ 0.45     $ 0.95      $ 0.98  

Diluted (loss) earnings per share of common stock from discontinued operations

      (1.31 )     0.29        0.16  
  

 

 

    

 

 

     

 

 

  

Diluted (loss) earnings per share

    $ (0.86 )   $ 1.24      $ 1.14  
  

 

 

    

 

 

     

 

 

  

 

(a) The number of options to purchase shares of common stock that were excluded from the calculation of diluted earnings per share as they are considered to be anti-dilutive were zero, zero and 14,900 for the years ended December 31, 2013, 2012 and 2011, respectively.
Common Stock Reserved and Unissued

Pepco Holdings Common Stock Reserved and Unissued

The following table presents Pepco Holdings’ common stock reserved and unissued at December 31, 2013:

 

Name of Plan

    Number of
Shares		  

DRP

      6,104,591  

Pepco Holdings Long-Term Incentive Plan (a)

      7,450,404  

Pepco Holdings 2012 Long-Term Incentive Plan

      7,971,832  

Pepco Holdings Non-Management Directors Compensation Plan

      457,211  

Pepco Holdings Retirement Savings Plan

      4,585,079  
  

 

 

  

Total

      26,569,117   
  

 

 

  

 

(a) No further awards will be made under this plan.