COMMON EQUITY (Tables)

3 Months Ended

Mar. 31, 2013



Common stock at December 31, 2012		78,287,906
Shares issued
Stock Investment Plan		114,365
Stock-based compensation		317,677
Rabbi trust shares		90,000
Common stock at March 31, 2013		78,809,948

Summary of common stock activity to meet the requirements of the Stock Investment Plan and certain stock-based employee benefit and compensation plans



Period		Method of meeting requirements
Beginning 02/05/2013		Issuing new shares ^*
01/01/2012 – 02/04/2013		Purchased shares on the open market

^* These stock issuances increased equity $22.3 million in 2013.

Reconciliation of shares issued and outstanding



	March 31, 2013			December 31, 2012
	Shares	Average Cost *		Shares	Average Cost *
Common stock issued	78,809,948			78,287,906
Less:
Deferred compensation rabbi trust	456,852	$	48.23	385,439	$	46.03
Total common shares outstanding	78,353,096			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



	Three Months Ended March 31
(Millions, except per share amounts)	2013			2012
Numerator:
Net income from continuing operations	$	182.2		$	98.8
Discontinued operations, net of tax	6.1			0.9
Preferred stock dividends of subsidiary	(0.8		)	(0.8		)
Net income attributed to common shareholders	$	187.5		$	98.9

Denominator:
Average shares of common stock — basic	78.7			78.6
Effect of dilutive securities
Stock-based compensation	0.4			0.4
Deferred compensation	0.2			0.2
Average shares of common stock — diluted	79.3			79.2

Earnings per common share
Basic	$	2.38		$	1.26
Diluted	2.37			1.25

Capital transactions with subsidiaries

During the three months ended March 31, 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⁾	$	—	$	—	$	11.7
MERC	—		21.0		—
WPS	27.1		—		200.0
WPS Investments, LLC ⁽²⁾	17.3		—		1.7
Total	$	44.4	$	21.0	$	213.4


⁽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⁾

WPS Investments, LLC is a consolidated subsidiary that is jointly owned by us, WPS, and UPPCO. At March 31, 2013, we had an 85.86% ownership interest, while WPS and UPPCO had an 11.66% and 2.48% 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.