Earnings Per Share

12 Months Ended

Dec. 31, 2023

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 regarding performance shares, see Note 21 to the Consolidated Financial Statements, "Stock-Based Compensation."

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


	2023		2022		2021
	(In millions, except per share amounts)
Basic Earnings per Share
Net Income Attributable to DTE Energy Company — continuing operations	$	1,397	$	1,083	$	796
Less: Allocation of earnings to net restricted stock awards	3		3		2
	$	1,394	$	1,080	$	794
Net Income Attributable to DTE Energy Company — discontinued operations	—		—		111
Net income available to common shareholders — basic	$	1,394	$	1,080	$	905

Average number of common shares outstanding — basic	206		195		193

Income from continuing operations	$	6.77	$	5.53	$	4.11
Income from discontinued operations	—		—		0.57
Basic Earnings per Common Share	$	6.77	$	5.53	$	4.68

Diluted Earnings per Share
Net Income Attributable to DTE Energy Company — continuing operations	$	1,397	$	1,083	$	796
Less: Allocation of earnings to net restricted stock awards	3		3		2
	$	1,394	$	1,080	$	794
Net Income Attributable to DTE Energy Company — discontinued operations	—		—		111
Net income available to common shareholders — diluted	$	1,394	$	1,080	$	905

Average number of common shares outstanding — basic	206		195		193

Average performance share awards	—		1		1
Average number of common shares outstanding — diluted	206		196		194

Income from continuing operations	$	6.76	$	5.52	$	4.10
Income from discontinued operations	—		—		0.57
Diluted Earnings per Common Share(a)	$	6.76	$	5.52	$	4.67

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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, as the dilutive stock price threshold was not met. These equity units were settled in November 2022 resulting in the issuance of common stock.