Earnings Per Share

6 Months Ended

Jun. 30, 2019

EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the net income, adjusted for income allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution that would occur if any potentially dilutive instruments were exercised or converted into common shares. DTE Energy’s participating securities are restricted shares under the stock incentive program that contain rights to receive non-forfeitable dividends. Equity units, performance shares, and stock options do not receive cash dividends; as such, these awards are not considered participating securities.

The following is a reconciliation of DTE Energy's basic and diluted income per share calculation:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(In millions, except per share amounts)
Basic Earnings per Share
Net Income Attributable to DTE Energy Company	$	182	$	234	$	583	$	595
Less: Allocation of earnings to net restricted stock awards	—		—		1		1
Net income available to common shareholders — basic	$	182	$	234	$	582	$	594

Average number of common shares outstanding — basic	183		181		183		180
Basic Earnings per Common Share	$	0.99	$	1.29	$	3.19	$	3.29

Diluted Earnings per Share
Net Income Attributable to DTE Energy Company	$	182	$	234	$	583	$	595
Less: Allocation of earnings to net restricted stock awards	—		—		1		1
Net income available to common shareholders — diluted	$	182	$	234	$	582	$	594

Average number of common shares outstanding — basic	183		181		183		180
Incremental shares attributable to:
Average dilutive equity units, performance share awards, and stock options	1		—		—		—
Average number of common shares outstanding — diluted	184		181		183		180
Diluted Earnings per Common Share^(a)	$	0.99	$	1.29	$	3.18	$	3.29

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(a)

The 2016 Equity Units excluded from the calculation of diluted EPS were approximately 6.6 million for the three and six months ended June 30, 2018 as the dilutive stock price threshold was not met.