Earnings Per Share

9 Months Ended

Sep. 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 and performance shares 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 nine months ended September 30:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(In millions, except per share amounts)
Basic Earnings per Share
Net Income Attributable to DTE Energy Company	$	338	$	265	$	737	$	647
Average number of common shares outstanding	179		179		179		179
Dividends declared — common shares	$	138	$	131	$	399	$	378
Dividends declared — net restricted shares	—		—		1		1
Total distributed earnings	$	138	$	131	$	400	$	379
Net Income less distributed earnings	$	200	$	134	$	337	$	268
Distributed (dividends per common share)	$	0.77	$	0.73	$	2.23	$	2.11
Undistributed	1.11		0.74		1.87		1.50
Total Basic Earnings per Common Share	$	1.88	$	1.47	$	4.10	$	3.61
Diluted Earnings per Share
Net Income Attributable to DTE Energy Company	$	338	$	265	$	737	$	647
Average number of common shares outstanding	179		180		179		179
Average incremental shares from assumed exercise of options	1		—		1		—
Common shares for dilutive calculation	180		180		180		179
Dividends declared — common shares	$	138	$	131	$	399	$	378
Dividends declared — net restricted shares	—		—		1		1
Total distributed earnings	$	138	$	131	$	400	$	379
Net Income less distributed earnings	$	200	$	134	$	337	$	268
Distributed (dividends per common share)	$	0.77	$	0.73	$	2.23	$	2.11
Undistributed	1.11		0.74		1.87		1.50
Total Diluted Earnings per Common Share	$	1.88	$	1.47	$	4.10	$	3.61