Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

The following table presents the calculation of Dominion Energy’s basic and diluted EPS:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
(millions, except EPS)
Net income (loss) attributable to Dominion Energy from continuing operations	$	(452	)	$	259		$	240		$	1,239
Preferred stock dividends (see Note 16)		(25	)		(16	)		(52	)		(32	)
Net income (loss) attributable to Dominion Energy from continuing operations – Basic		(477	)		243			188			1,207
Dilutive effect of 2019 Equity Units ⁽¹⁾⁽²⁾		—			—			—			—
Net income (loss) attributable to Dominion Energy from continuing operations - Diluted	$	(477	)	$	243		$	188		$	1,207
Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted	$	(1	)	$	26		$	18		$	54

Average shares of common stock outstanding – Basic		818.4			806.6			814.5			806.2
Net effect of dilutive securities ⁽¹⁾⁽³⁾		—			—			1.4			0.1
Average shares of common stock outstanding – Diluted		818.4			806.6			815.9			806.3

EPS from continuing operations – Basic	$	(0.58	)	$	0.30		$	0.23		$	1.49
EPS from discontinued operations – Basic		-			0.03			0.02			0.07
EPS attributable to Dominion Energy – Basic	$	(0.58	)	$	0.33		$	0.25		$	1.56

EPS from continuing operations – Diluted	$	(0.58	)	$	0.30		$	0.23		$	1.49
EPS from discontinued operations – Diluted		-			0.03			0.02			0.07
EPS attributable to Dominion Energy – Diluted	$	(0.58	)	$	0.33		$	0.25		$	1.56

(1)	As a result of a net loss from continuing operations for the three months ended June 30, 2022, any adjustments to earnings or shares would be considered antidilutive and are therefore excluded from the calculation of diluted EPS.

(2)

As discussed in Note 16, effective in June 2022, the Series A Preferred Stock is considered to be mandatorily redeemable and is classified in current liabilities. In accordance with revised accounting standards effective January 2022, a fair value adjustment, if dilutive, of the Series A Preferred Stock was no longer included in applying the if converted method to the 2019 Equity Units. In addition, diluted net income was no longer reduced by the Series A Preferred Stock dividends. No fair value adjustment was necessary for the three and six months ended June 30, 2021.

(3)

Dilutive securities for the six months ended June 30, 2022 consist primarily of stock expected to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method) as well as forward sales agreements entered into in November 2021 (applying the treasury stock method). See Notes 16 and 17 for additional information.