Earnings Per Share

6 Months Ended

Jun. 30, 2016

EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the net income, adjusted for income allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution that would occur if any potentially dilutive instruments were exercised or converted into common shares. DTE Energy’s participating securities are restricted shares under the stock incentive program that contain rights to receive non-forfeitable dividends. Stock options do not receive cash dividends, as such, these awards are not considered participating securities.

The following is a reconciliation of DTE Energy's basic and diluted income per share calculation for the three and six months ended June 30:



	Three Months Ended June 30,					Six Months Ended June 30,
	2016		2015			2016		2015
	(In millions, except per share amounts)
Basic Earnings per Share
Net Income Attributable to DTE Energy Company	$	152	$	109		$	399	$	382
Average number of common shares outstanding	179		179			179		179
Dividends declared — common shares	$	131	$	124		$	261	$	247
Dividends declared — net restricted shares	—		—			1		1
Total distributed earnings	$	131	$	124		$	262	$	248
Net Income less distributed earnings	$	21	$	(15	)	$	137	$	134
Distributed (dividends per common share)	$	0.73	$	0.69		$	1.46	$	1.38
Undistributed	0.11		(0.08		)	0.76		0.75
Total Basic Earnings per Common Share	$	0.84	$	0.61		$	2.22	$	2.13
Diluted Earnings per Share
Net Income Attributable to DTE Energy Company	$	152	$	109		$	399	$	382
Average number of common shares outstanding	179		179			179		179
Average incremental shares from assumed exercise of options	1		—			1		—
Common shares for dilutive calculation	180		179			180		179
Dividends declared — common shares	$	131	$	124		$	261	$	247
Dividends declared — net restricted shares	—		—			1		1
Total distributed earnings	$	131	$	124		$	262	$	248
Net Income less distributed earnings	$	21	$	(15	)	$	137	$	134
Distributed (dividends per common share)	$	0.73	$	0.69		$	1.46	$	1.38
Undistributed	0.11		(0.08		)	0.76		0.75
Total Diluted Earnings per Common Share	$	0.84	$	0.61		$	2.22	$	2.13