COMMON EQUITY (Tables)

12 Months Ended

Dec. 31, 2013

Stockholders' Equity Note [Abstract]

We had the following changes to issued common stock:



Balance at December 31, 2010	77,781,685
Shares issued
Stock-based compensation	204,331
Stock Investment Plan	149,470
Employee Stock Ownership Plan	105,845
Rabbi trust shares	48,788
Restricted stock shares cancelled	(2,213	)
Balance at December 31, 2011	78,287,906
Balance at December 31, 2012 *	78,287,906
Shares issued
Stock-based compensation	972,718
Stock Investment Plan	298,532
Employee Stock Ownership Plan	248,724
Rabbi trust shares	111,296
Balance at December 31, 2013	79,919,176


*	We did not issue equity during 2012.

Schedule Of Common Stock Activity To Meet Requirements Of Stock Investment Plan And Certain Stock Based Employee Benefit And Compensation Plans

The following table provides a summary of common stock activity to meet the requirements of our Stock Investment Plan and certain stock-based employee benefit and compensation plans:



Period		Method of meeting requirements
Beginning 02/05/2014 ⁽¹⁾		Purchasing shares on the open market
02/05/2013 – 02/04/2014		Issued new shares ⁽²⁾
05/01/2011 – 02/04/2013		Purchased shares on the open market
01/01/2011 – 04/30/2011		Issued new shares ⁽²⁾


⁽¹⁾	The decision was made in conjunction with the announcement of the proposed sale of UPPCO. See Note 29, Subsequent Event, for more information.


⁽²⁾	These stock issuances increased equity $79.8 million and $22.2 million in 2013 and 2011, respectively.

Reconciliation of shares issued and outstanding

The following table reconciles common shares issued and outstanding:



	2013			2012
	Shares	Average Cost *		Shares	Average Cost *
Common stock issued	79,919,176			78,287,906
Less:
Deferred compensation rabbi trust	473,796	$	48.50	385,439	$	46.03
Total common shares outstanding	79,445,380			77,902,467


*	Based on our stock price on the day the shares entered the deferred compensation rabbi trust. Shares paid out of the trust are valued at the average cost of shares in the trust.

Computation of basic and diluted earnings per share

The following table reconciles our computation of basic and diluted earnings per share:



(Millions, except per share amounts)	2013			2012			2011
Numerator:
Net income from continuing operations	$	350.0		$	294.0		$	230.0
Discontinued operations, net of tax	4.8			(9.7		)	0.5
Preferred stock dividends of subsidiary	(3.1		)	(3.1		)	(3.1		)
Noncontrolling interest in subsidiaries	0.1			0.2			—
Net income attributed to common shareholders — basic	$	351.8		$	281.4		$	227.4
Effect of dilutive securities
Deferred compensation	(0.1		)	—			—
Net income attributed to common shareholders — diluted	$	351.7		$	281.4		$	227.4

Denominator:
Average shares of common stock — basic	79.5			78.6			78.6
Effect of dilutive securities
Stock-based compensation	0.4			0.5			0.5
Deferred compensation	0.2			0.2			—
Average shares of common stock — diluted	80.1			79.3			79.1

Earnings per common share
Basic	$	4.43		$	3.58		$	2.89
Diluted	4.39			3.55			2.87

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The calculation of diluted earnings per share excluded the following weighted-average outstanding securities that had an anti-dilutive effect:



(Millions)	2013	2012	2011
Stock-based compensation	0.3	0.7	0.7
Deferred compensation	0.1	—	—

Capital transactions with subsidiaries

During 2013, capital transactions with subsidiaries were as follows (in millions):



Subsidiary	Dividends To Parent		Return Of Capital To Parent		Equity Contributions From Parent
ITF ⁽¹⁾	$	—	$	—	$	44.3
MERC	—		21.0		13.0
MGU	—		12.5		8.0
NSG ⁽²⁾	12.0		—		—
UPPCO	—		6.5		—
WPS	108.6		35.0		200.0
WPS Investments, LLC ⁽³⁾	71.0		—		13.6
Total	$	191.6	$	75.0	$	278.9


⁽¹⁾	ITF is a direct wholly owned subsidiary of PELLC. As a result, it makes distributions to PELLC, and receives equity contributions from PELLC. Subject to applicable law, PELLC does not have any dividend restrictions or limitations on distributions to us.


⁽²⁾	NSG is a direct wholly owned subsidiary of PELLC. As a result, it makes distributions to PELLC, and receives equity contributions from PELLC. Subject to applicable law, PELLC does not have any dividend restrictions or limitations on distributions to us.

⁽³⁾

WPS Investments, LLC is a consolidated subsidiary that is jointly owned by us, WPS, and UPPCO. At December 31, 2013, we had an 86.22% ownership interest, while WPS and UPPCO had an 11.36% and 2.42% ownership interest, respectively. Distributions from WPS Investments, LLC are made to the owners based on their respective ownership percentages. During 2013, all equity contributions to WPS Investments, LLC were made solely by us.