Earnings Per Share

3 Months Ended

Mar. 31, 2021

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 and performance shares 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 March 31,
		2021		2020
		(In millions, except per share amounts)
Basic Earnings per Share
Net Income Attributable to DTE Energy Company		$	397	$	340
Less: Allocation of earnings to net restricted stock awards		—		1
Net income available to common shareholders — basic		$	397	$	339

Average number of common shares outstanding — basic		194		192
Basic Earnings per Common Share		$	2.05	$	1.77

Diluted Earnings per Share
Net Income Attributable to DTE Energy Company		$	397	$	340
Less: Allocation of earnings to net restricted stock awards		—		1
Net income available to common shareholders — diluted		$	397	$	339




Average number of common shares outstanding — diluted		194		192
Diluted Earnings per Common Share(a)		$	2.05	$	1.76

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(a)Equity Units excluded from the calculation of diluted EPS were approximately 10.3 million for both the three months ended March 31, 2021 and 2020, as the dilutive stock price threshold was not met.