Equity

6 Months Ended

Jun. 30, 2024

Equity

Equity

Note 13. Equity

Common Stock Issuances

As of June 30, 2024, Edison International had not issued any shares through its "at-the-market" ("ATM") program established in August 2022. Under the ATM program, Edison International may sell shares of its common stock having an aggregate sales price of up to $500 million. Edison International has no obligation to sell the remaining shares available under the ATM program.

Edison International continued to settle its ongoing common stock requirements of various internal programs through issuance of new common stock. During the three months ended June 30, 2024, 1,364,543 shares of common stock were issued as stock compensation awards for net cash receipts of $86 million.

During the six months ended June 30, 2024, 2,026,073 shares of common stock were issued as stock compensation awards for net cash receipts of $104 million, 70,246 shares of new common stock were issued in lieu of distributing $5 million to

shareholders opting to receive dividend payments in the form of additional common stock, 43,300 shares of common stock were issued to employees through the 401(k) defined contribution savings plan for net cash receipts of $3 million as dividend payments and 31,112 shares of common stock were issued to employees through the Employee Stock Purchase Plan for net cash receipts of $2 million.

Preferred Stock

In the first and second quarter of 2024, Edison International repurchased 20,000 shares and 9,000 shares of its Series B Preferred Stock via open market repurchases for $19 million and $9 million at an average price of $952 per share and $967 per share, respectively, including accrued and unpaid dividends. Edison International recognized a total net gain of $1 million from the open market repurchase, reflected in "Preferred stock dividend requirements of Edison International" on the consolidated statements of income.

Preference Stock of SCE

During the second quarter of 2024, SCE issued $350 million of 6.95% Series N preference stock (140,004 shares; cumulative, $2,500 liquidation value) to SCE Trust VIII, a special purpose entity formed to issue trust securities as discussed in Note 3. The Series N preference stock may be redeemed at a premium, in whole, but not in part, at any time prior to May 13, 2029 if certain changes in tax or investment company law or interpretation or applicable rating agency equity credit criteria occur. On or after May 13, 2029, SCE may redeem the Series N shares at par, in whole or in part. The shares are not subject to mandatory redemption. In June 2024, the proceeds were used to redeem $350 million of SCE's Series E Preference Stock.