Earnings Per Share

12 Months Ended

Dec. 31, 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. For additional information, see Notes 14 and 21 to the Consolidated Financial Statements, "Long-Term Debt" and "Stock-Based Compensation," respectively.

The following is a reconciliation of DTE Energy's basic and diluted income per share calculation for the years ended December 31:


	2021		2020		2019
	(In millions, except per share amounts)
Basic Earnings per Share
Net Income Attributable to DTE Energy Company — continuing operations	$	796	$	1,054	$	955
Less: Allocation of earnings to net restricted stock awards	(2)		(2)		(2)
	$	794	$	1,052	$	953
Net Income Attributable to DTE Energy Company — discontinued operations	111		314		214
Net income available to common shareholders — basic	$	905	$	1,366	$	1,167

Average number of common shares outstanding — basic	193		193		185

Income from continuing operations	$	4.11	$	5.46	$	5.16
Income from discontinued operations	0.57		1.63		1.16
Basic Earnings per Common Share	$	4.68	$	7.09	$	6.32

Diluted Earnings per Share
Net Income Attributable to DTE Energy Company — continuing operations	$	796	$	1,054	$	955
Less: Allocation of earnings to net restricted stock awards	(2)		(2)		(2)
	$	794	$	1,052	$	953
Net Income Attributable to DTE Energy Company — discontinued operations	111		314		214
Net income available to common shareholders — diluted	$	905	$	1,366	$	1,167

Average number of common shares outstanding — basic	193		193		185

Average dilutive equity units and performance share awards	1		—		—
Average number of common shares outstanding — diluted	194		193		185

Income from continuing operations	$	4.10	$	5.45	$	5.15
Income from discontinued operations	0.57		1.63		1.16
Diluted Earnings per Common Share(a)	$	4.67	$	7.08	$	6.31

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(a)Equity units excluded from the calculation of diluted EPS were approximately 11.5 million for the year ended December 31, 2021 and 10.3 million for the years ended December 31, 2020 and 2019, respectively, as the dilutive stock price threshold was not met. For more information regarding equity units, see Note 14 to the Consolidated Financial Statements, "Long-Term Debt."