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Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Revenues $ 938,383 $ 901,873 $ 2,732,901 $ 2,725,795
Expenses        
Total expenses 1,064,931 826,762 4,502,005 2,464,187
Operating income (loss)        
Total operating income (loss) (126,548) 75,111 (1,769,104) 261,608
Retirement defined benefits credit—other than service costs 1,106 1,256 3,669 3,561
Interest expense, net—other than on deposit liabilities and other bank borrowings (32,085) (32,629) (96,076) (91,259)
Allowance for borrowed funds used during construction 1,331 1,372 4,061 3,798
Allowance for equity funds used during construction 3,300 4,000 10,276 11,073
Interest income 3,662 0 9,929 0
Income (loss) before income taxes (149,234) 49,110 (1,837,245) 188,781
Income tax expense (benefit) (45,303) 7,521 (480,898) 36,915
Net income (loss) (103,931) 41,589 (1,356,347) 151,866
Preferred stock dividends of subsidiaries 471 471 1,417 1,417
Net income (loss) for common stock $ (104,402) $ 41,118 $ (1,357,764) $ 150,449
Basic earnings (loss) per common share (in dollars per share) $ (0.91) $ 0.37 $ (12.16) $ 1.37
Diluted earnings (loss) per common share (in dollars per share) $ (0.91) $ 0.37 $ (12.16) $ 1.37
Weighted-average number of common shares outstanding:        
Basic (in shares) 114,358 109,728 111,636 109,606
Diluted (in shares) 114,358 109,917 111,636 109,932
Electric utility        
Revenues        
Revenues $ 829,617 $ 794,987 $ 2,410,526 $ 2,419,539
Expenses        
Total expenses 934,181 723,629 4,096,175 2,198,681
Operating income (loss)        
Total operating income (loss) (104,564) 71,358 (1,685,649) 220,858
Income (loss) before income taxes (117,526) 55,415 (1,725,279) 175,391
Income tax expense (benefit) (35,439) 11,456 (454,017) 38,126
Net income (loss) (82,087) 43,959 (1,271,262) 137,265
Preferred stock dividends of subsidiaries 498 498 1,496 1,496
Net income (loss) for common stock (82,585) 43,461 (1,272,758) 135,769
Bank        
Revenues        
Revenues 105,144 100,974 312,231 291,716
Expenses        
Total expenses 81,972 88,415 320,913 230,769
Operating income (loss)        
Total operating income (loss) 23,172 12,559 (8,682) 60,947
Income (loss) before income taxes 23,429 12,749 (7,864) 61,511
Income tax expense (benefit) 4,651 1,384 (1,789) 11,380
Net income (loss) 18,778 11,365 (6,075) 50,131
Preferred stock dividends of subsidiaries 0 0 0 0
Net income (loss) for common stock 18,778 11,365 (6,075) 50,131
Other        
Revenues        
Revenues 3,622 5,912 10,144 14,540
Expenses        
Total expenses 48,778 14,718 84,917 34,737
Operating income (loss)        
Total operating income (loss) (45,156) (8,806) (74,773) (20,197)
Income (loss) before income taxes (55,137) (19,054) (104,102) (48,121)
Income tax expense (benefit) (14,515) (5,319) (25,092) (12,591)
Net income (loss) (40,622) (13,735) (79,010) (35,530)
Preferred stock dividends of subsidiaries (27) (27) (79) (79)
Net income (loss) for common stock $ (40,595) $ (13,708) $ (78,931) $ (35,451)