Earnings Per Share

9 Months Ended

Sep. 30, 2023

EARNINGS PER SHARE

Basic earnings per share is calculated by dividing 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. Equity units 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(In millions, except per share amounts)
Basic Earnings per Share
Net Income Attributable to DTE Energy Company	$	332	$	387	$	978	$	818

Less: Allocation of earnings to net restricted stock awards	—		1		2		2
Net income available to common shareholders — basic	$	332	$	386	$	976	$	816



Average number of common shares outstanding — basic	206		193		206		193



Basic Earnings per Common Share	$	1.61	$	2.00	$	4.74	$	4.22

Diluted Earnings per Share
Net Income Attributable to DTE Energy Company	$	332	$	387	$	978	$	818

Less: Allocation of earnings to net restricted stock awards	—		1		2		2
Net income available to common shareholders — diluted	$	332	$	386	$	976	$	816



Average number of common shares outstanding — basic	206		193		206		193

Average performance share awards	—		1		—		1
Average number of common shares outstanding — diluted	206		194		206		194



Diluted Earnings per Common Share(a)	$	1.61	$	1.99	$	4.74	$	4.21

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(a)Equity units excluded from the calculation of diluted EPS were approximately 10.1 million and 10.2 million for the three and nine months ended September 30, 2022, respectively, as the dilutive stock price threshold was not met. The equity units were settled in November 2022 resulting in the issuance of common stock.