Earnings Per Share and Common Stock

9 Months Ended

Sep. 30, 2022

Earnings Per Share and Common Stock [Text Block]

EARNINGS PER SHARE AND COMMON STOCK

We compute basic earnings per share using the weighted average number of shares of common stock outstanding during each period. The difference between basic and diluted earnings per share, if any, arises from non-vested restricted stock units and performance share awards granted under our Executive Long-Term Incentive Compensation Plan.


		2022			2021
Reconciliation of Basic and Diluted		Dilutive			Dilutive
Earnings Per Share	Basic	Securities	Diluted	Basic	Securities	Diluted
Millions Except Per Share Amounts
Quarter ended September 30,
Net Income Attributable to ALLETE	$33.7		$33.7	$27.6		$27.6
Average Common Shares	57.1	0.1	57.2	52.4	0.1	52.5
Earnings Per Share	$0.59		$0.59	$0.53		$0.53
Nine Months Ended September 30,
Net Income Attributable to ALLETE	$137.6		$137.6	$107.3		$107.3
Average Common Shares	55.5	0.1	55.6	52.3	—	52.3
Earnings Per Share	$2.48		$2.48	$2.05		$2.05

On April 5, 2022, ALLETE issued and sold approximately 3.7 million shares of ALLETE common stock. Net proceeds of approximately $224 million were received from the sale of shares. Proceeds were used primarily to fund the acquisition of New Energy and capital investments at ALLETE Clean Energy.