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Stockholders' Equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS' EQUITY
Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements or convertible debt, were exercised or settled. Duke Energy applies the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted EPS, if applicable. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS.
The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share amounts)2024202320242023
Net Income available to Duke Energy common stockholders
$1,226 $1,213 $3,211 $1,744 
Less: Income (Loss) from discontinued operations attributable to Duke Energy common stockholders
22 (190)9 (1,283)
Accumulated preferred stock dividends adjustment14 12 14 12 
Less: Impact of participating securities2 2 4 4 
Income from continuing operations available to Duke Energy common stockholders$1,216 $1,413 $3,212 $3,035 
Income (Loss) from discontinued operations, net of tax
$25 $(152)$12 $(1,316)
Add: (Income) Loss attributable to NCI
(3)(38)(3)33 
Income (Loss) from discontinued operations attributable to Duke Energy common stockholders
$22 $(190)$9 $(1,283)
Weighted average common shares outstanding – basic
772 771 772 771 
Equity forwards1 — — — 
Weighted average common shares outstanding – diluted773 771 772 771 
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted(a)
$1.57 $1.83 $4.16 $3.94 
Income (Loss) Per Share from discontinued operations attributable to Duke Energy common stockholders
   Basic and diluted(a)
$0.03 $(0.24)$0.01 $(1.67)
Potentially dilutive items excluded from the calculation(b)
2 2 2 2 
Dividends declared per common share$1.045 $1.025 $3.095 $3.035 
Dividends declared on Series A preferred stock per depositary share(c)
$0.359 $0.359 $1.078 $1.078 
Dividends declared on Series B preferred stock per share(d)
$24.375 $24.375 $48.750 $48.750 
(a)For the periods presented subsequent to issuance in April 2023, the convertible notes were excluded from the calculations of diluted EPS because the effect was antidilutive.
(b)Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.
(c)5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share.
(d)4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends were payable semiannually in arrears on the 16th day of March and September. The preferred stock was redeemed on September 16, 2024.
Common Stock
In November 2022, Duke Energy filed a prospectus supplement and executed an Equity Distribution Agreement (EDA) under which it may sell up to $1.5 billion of its common stock through an at-the-market (ATM) offering program, including an equity forward sales component. Under the terms of the EDA, Duke Energy may issue and sell shares of common stock through September 2025.
The following table shows ATM equity issuances pursuant to forward contracts executed during the nine months ended September 30, 2024.
Tranche
Shares Priced
Initial Forward Price
1
802,371$92.77 
2
729,674$101.10 
3
737,280$100.99 
4
662,266$111.45 
Total
2,931,591
The equity forwards require Duke Energy to either physically settle the transactions by issuing shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or net settle in whole or in part through the delivery or receipt of cash or shares. The settlement alternatives are at Duke Energy's election. No amounts have or will be recorded in Duke Energy's Condensed Consolidated Financial Statements with respect to the ATM offering until settlement of the equity forwards occurs, which is expected by December 31, 2024. The initial forward sale prices will be subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the relevant forward sale agreements. Until settlement of the equity forwards, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method.
Preferred Stock
On September 16, 2024, Duke Energy redeemed all 1 million outstanding shares of Series B Preferred Stock for a redemption price of $1,000 per share or $1 billion in total. Following the redemption, dividends ceased to accrue on the shares of Series B Preferred Stock, shares of the Series B Preferred Stock were no longer deemed outstanding and all rights of the holders of such shares of Series B Preferred Stock terminated. In conjunction with the redemption, Duke Energy recorded $16 million in preferred stock redemption costs, calculated as the difference of $11 million between the carrying value on the redemption date of the Series B Preferred Stock and the total amount of consideration paid to redeem, and including the recognition of an excise tax liability under the IRA of $5 million. The preferred stock redemption costs were recorded as a reduction to Retained earnings on Duke Energy Corporations' Condensed Consolidated Balance Sheets during the three months ended September 30, 2024.