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Earnings Per Share | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | NOTE 8. EARNINGS PER SHARE The following table presents the calculation of Dominion Energy’s basic and diluted EPS:
|  | 2023 |  |  | 2022 |  |  | 2021 |
(millions, except EPS) |  |  |  |  |  |  |  |  |
Net Income From Continuing Operations Including Noncontrolling Interests |  | $ | 2,157 |  |  | $ | 427 |  |  | $ | 2,041 |
Preferred stock dividends (see Note 19) |  |  | (81 | ) |  |  | (93 | ) |  |  | (68 | )
Net income (loss) attributable to Dominion Energy from continuing operations - Basic |  |  | 2,076 |  |  |  | 334 |  |  |  | 1,973 |
Dilutive effect of 2019 Equity Units(1) |  |  | — |  |  |  | — |  |  |  | — |
Net income attributable to Dominion Energy from continuing operations - Diluted |  | $ | 2,076 |  |  | $ | 334 |  |  | $ | 1,973 |
Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted |  | $ | (163 | ) |  | $ | 894 |  |  | $ | 1,358 |
Average shares of common stock outstanding – Basic |  |  | 836.4 |  |  |  | 823.9 |  |  |  | 807.8 |
Net effect of dilutive securities(2) |  |  | 0.1 |  |  |  | 0.9 |  |  |  | 0.7 |
Average shares of common stock outstanding – Diluted |  |  | 836.5 |  |  |  | 824.8 |  |  |  | 808.5 |
EPS from continuing operations - Basic |  | $ | 2.48 |  |  | $ | 0.41 |  |  | $ | 2.44 |
EPS from discontinued operations - Basic |  |  | (0.19 | ) |  |  | 1.08 |  |  |  | 1.68 |
EPS attributable to Dominion Energy - Basic |  | $ | 2.29 |  |  | $ | 1.49 |  |  | $ | 4.12 |
EPS from continuing operations - Diluted |  | $ | 2.48 |  |  | $ | 0.41 |  |  | $ | 2.44 |
EPS from discontinued operations - Diluted |  |  | (0.19 | ) |  |  | 1.08 |  |  |  | 1.68 |
EPS attributable to Dominion Energy - Diluted |  | $ | 2.29 |  |  | $ | 1.49 |  |  | $ | 4.12 |
(1) As discussed in Note 19, effective in June 2022 through its redemption in September 2022, the Series A Preferred Stock was considered to be mandatorily redeemable and was 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 2021. (2) Dilutive securities for 2023, 2022 and 2021 consist primarily of stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). Additionally, in 2022 and 2021, dilutive securities include forward sales agreements entered into in November 2021 and settled in December 2022 (applying the treasury stock method). See Notes 20 and 23 for additional information. The 2019 Equity Units, prior to settlement in June 2022, and the Q-Pipe Transaction deposit, prior to being settled in cash in July 2021, were potentially dilutive instruments. See Notes 3 and 19 for additional information. For the year ended December 31, 2021, the forward stock purchase contracts included within the 2019 Equity Units were excluded from the calculation of diluted EPS from continuing operations as the dilutive stock price threshold was not met. The Series A Preferred Stock included within the 2019 Equity Units is excluded from the effect of dilutive securities within diluted EPS from continuing operations, and a fair value adjustment is excluded from the calculation of diluted EPS from continuing operations, as such fair value adjustment was not dilutive during the period. The impact of settling the deposit associated with the Q-Pipe Transaction in shares is excluded from the calculation for the year ending December 31, 2021 based upon the expectation Dominion Energy would settle in cash, which occurred in July 2021, rather than through the issuance of shares of Dominion Energy common stock.

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