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Common Stock (Exelon, Generation, ComEd, PECO and BGE)
3 Months Ended
Mar. 31, 2015
Common Stock [Abstract]  
Common Stock (Exelon, Generation, ComEd, PECO and BGE)
15.    Common Stock (Exelon, Generation, ComEd, PECO and BGE)
Equity Securities Offering
In June 2014, Exelon marketed an equity offering of 57.5 million shares of its common stock at a public offering price of $35 per share. In connection with such offering, Exelon entered into forward sale agreements requiring Exelon to settle the transaction prior to October 29, 2015. No amounts have or will be recorded in Exelon’s consolidated financial statements with respect to the equity offering until settlement of the forward sale agreements occurs. Based on the average stock price for the quarter ended March 31, 2015, if Exelon had elected to net settle the contract, Exelon would have been required to issue approximately 2.5 million shares at a forward price of $33.21. If Exelon elects to cash settle the contract, the transaction costs will be recorded as a charge to earnings in the period in which it becomes probable that Exelon will cash settle. Otherwise, all transaction costs will be reflected as a reduction to the value of the common stock issued in Exelon’s Consolidated Balance Sheet. The net proceeds received upon settlement are expected to be used to finance a portion of the proposed acquisition of PHI and for general corporate purposes. Until settlement, earnings per share dilution resulting from the forward sales agreement, if any, will be determined under the treasury stock method. For further information on the options Exelon has to settle the transaction, refer to note 19Common Stock of the Exelon 2014 Form 10-K
Concurrent with the forward equity transaction, Exelon also issued $1.15 billion of junior subordinated notes in the form of 23 million equity units. See Note 9Debt and Credit Agreements for further information on the equity units.