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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Operating revenues        
Electric $ 2,923 $ 2,597 $ 5,556 $ 5,467
Natural gas 476 449 1,566 1,096
Other 25 22 53 46
Total operating revenues 3,424 3,068 7,175 6,609
Operating expenses        
Electric fuel and purchased power 1,181 1,047 2,275 2,433
Cost of natural gas sold and transported 251 218 961 517
Cost of sales — other 11 9 21 17
O&M expenses 614 600 1,216 1,184
Conservation and demand side management expenses 81 71 173 144
Depreciation and amortization 638 528 1,200 1,049
Taxes, Other 179 157 350 320
Total operating expenses 2,955 2,630 6,196 5,664
Operating income 469 438 979 945
Other (expense) income, net (6) 3 (5) 8
Earnings from equity method investments 11 20 26 34
Allowance for funds used during construction — equity 20 18 33 32
Interest charges and financing costs        
Interest charges — includes other financing costs of $8, $7, $16 and $14, respectively 247 212 461 417
Allowance for funds used during construction — debt (7) (6) (12) (11)
Total interest charges and financing costs 240 206 449 406
Income before income taxes 254 273 584 613
Income tax benefit (74) (38) (124) (60)
Net income $ 328 $ 311 $ 708 $ 673
Weighted average common shares outstanding:        
Basic (in shares) 546 539 545 539
Diluted (in shares) [1] 546 539 546 539
Earnings per average common share:        
Basic (in dollars per share) $ 0.60 $ 0.58 $ 1.30 $ 1.25
Diluted (in dollars per share) $ 0.60 $ 0.58 $ 1.30 $ 1.25
[1] Diluted common shares outstanding included common stock equivalents of 0.3 million for the three months ended June 30, 2022 and 2021, respectively. Diluted common shares outstanding included common stock equivalents of 0.2 million and 0.3 million for the six months ended June 30, 2022 and 2021, respectively.