Earnings Per Share

3 Months Ended

Mar. 31, 2020

In accordance with GAAP, dual presentation of basic and diluted earnings per share is presented in the Condensed Consolidated Statements of Earnings of PNMR. PNMR’s potentially dilutive shares consist of restricted stock and PNMR common stock issuable under the PNMR 2020 Forward Equity Sale Agreements, which are calculated under the treasury stock method. See Notes 8 and 9. Information regarding the computation of earnings per share is as follows:


	Three Months Ended
	March 31,
	2020		2019
	(In thousands, except per share amounts)
Net Earnings (Loss) Attributable to PNMR	$	(15,260)	$	18,700
Average Number of Common Shares:
Outstanding during period	79,654		79,654
Vested awards of restricted stock	217		239
Average Shares – Basic	79,871		79,893
Dilutive Effect of Common Stock Equivalents:
Restricted stock	—		78
Average Shares – Diluted⁽¹⁾	79,871		79,971

Net Earnings (Loss) Per Share of Common Stock:
Basic	$	(0.19)	$	0.23
Diluted	$	(0.19)	$	0.23

⁽¹⁾ No potentially dilutive restricted stock or PNMR common stock under the PNMR 2020 Forward Equity Sale Agreements have been included in the computation of Average Shares – Diluted for the three months ended March 31, 2020 since the effect would be anti-dilutive.