XML 28 R16.htm IDEA: XBRL DOCUMENT v3.25.2
COMMON EQUITY
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
COMMON EQUITY COMMON EQUITY
Stock-Based Compensation

During the six months ended June 30, 2025, the Compensation Committee of our Board of Directors awarded the following stock-based compensation to our directors, officers, and certain other key employees:
Award TypeNumber of Awards
Stock options (1)
231,024 
Restricted shares (2)
79,170 
Performance units185,945 

(1)Stock options awarded had a weighted-average exercise price of $94.55 and a weighted-average grant date fair value of $18.23 per option.

(2)Restricted shares awarded had a weighted-average grant date fair value of $94.55 per share.
Restrictions

Our ability as a holding company to pay common stock dividends primarily depends on the availability of funds received from our utility subsidiaries, We Power, Bluewater, ATC Holding LLC (which holds our ownership interest in ATC), and WECI. Various financing arrangements and regulatory requirements impose certain restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans, or advances. Our utility subsidiaries, with the exception of UMERC and MGU, are prohibited from loaning funds to us, either directly or indirectly. See Note 11, Common Equity, in our 2024 Annual Report on Form 10-K for additional information on these and other restrictions.

We do not believe that these restrictions will materially affect our operations or limit any dividend payments in the foreseeable future.

Common Stock

As of January 1, 2024, we began issuing new shares of common stock to fulfill our obligations under various stock-based employee benefit and compensation plans and to provide shares to participants in our dividend reinvestment and stock purchase plan.

In August 2024, we entered into an EDA, under which we may offer and sell, from time to time, shares of our common stock having an aggregate sales price of up to $1.5 billion through an at-the-market offering program, which includes an equity forward sales component. We may offer and sell our common shares through the sales agents party to the EDA during the term of the agreement. The EDA will terminate upon the earliest of (i) the sale of all common stock subject to the EDA, (ii) termination of the EDA pursuant to its terms, or (iii) August 31, 2027. Actual sales of common stock under the EDA will depend on a variety of factors, including market conditions, the trading price of our common stock, capital needs, and our determination of the appropriate sources of funding. Any shares offered and sold will be done pursuant to our registration statement on Form S-3 filed with the SEC on August 5, 2024 and the related prospectus supplement. As of June 30, 2025, we had issued 4,535,041 shares of common stock under the EDA and received proceeds of $466.0 million, which is net of $5.7 million of commissions and other fees. We have not entered into any forward sale agreements.

We had the following changes to our outstanding common stock during the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30Six Months Ended June 30
2025202420252024
Common stock shares outstanding at beginning of period319,133,501 315,822,587 317,680,855 315,434,531 
Shares issued:
At-the-market offering program2,526,543 — 3,504,367 — 
Stock-based compensation 47,403 20,488 390,114 162,666 
401(k)71,800 122,300 115,100 246,600 
Stock investment plan87,148 114,026 175,959 235,604 
Common stock shares outstanding at end of period321,866,395 316,079,401 321,866,395 316,079,401 

On July 17, 2025, our Board of Directors declared a quarterly cash dividend of $0.8925 per share, payable on September 1, 2025, to shareholders of record on August 14, 2025.
Earnings Per Share

The following table shows the computation of our basic and diluted EPS for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30Six Months Ended June 30
(in millions)2025202420252024
Numerator:
Net income attributed to common shareholders$245.4 $211.3 $969.6 $833.6 
Denominator:
Weighted average basic shares outstanding320.3315.9319.3315.8
Dilutive effect of stock-based compensation awards0.6 0.3 0.5 0.3 
Dilutive effect of convertible senior notes1.3 — 0.9 — 
Weighted average diluted shares322.2 316.2 320.7 316.1 
Basic EPS$0.77 $0.67 $3.04 $2.64 
Diluted EPS$0.76 $0.67 $3.02 $2.64