Earnings Per Share

6 Months Ended

Jun. 30, 2021

EARNINGS PER SHARE

Basic earnings per share is calculated by dividing 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In millions, except per share amounts)
Basic Earnings per Share
Net Income Attributable to DTE Energy Company	$	179	$	277	$	576	$	617
Less: Allocation of earnings to net restricted stock awards	1		—		1		1
Net income available to common shareholders — basic	$	178	$	277	$	575	$	616

Average number of common shares outstanding — basic	193		192		193		192
Basic Earnings per Common Share	$	0.92	$	1.44	$	2.97	$	3.20

Diluted Earnings per Share
Net Income Attributable to DTE Energy Company	$	179	$	277	$	576	$	617
Less: Allocation of earnings to net restricted stock awards	1		—		1		1
Net income available to common shareholders — diluted	$	178	$	277	$	575	$	616

Average number of common shares outstanding — basic	193		192		193		192

Average dilutive equity units, performance share awards, and stock options	1		1		1		—
Average number of common shares outstanding — diluted	194		193		194		192
Diluted Earnings per Common Share(a)	$	0.92	$	1.44	$	2.97	$	3.20

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(a)Equity Units excluded from the calculation of diluted EPS were approximately 9.5 million and 10.3 million for the three months ended June 30, 2021 and 2020, respectively, and 10.0 million and 10.3 million for the six months ended June 30, 2021 and 2020, respectively, as the dilutive stock price threshold was not met.