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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating revenues    
Electric $ 2,763 $ 2,633
Natural gas 1,288 1,090
Other 29 28
Total operating revenues 4,080 3,751
Operating expenses    
Electric fuel and purchased power 1,117 1,094
Cost of natural gas sold and transported 844 710
Cost of sales — other 12 10
Operating and maintenance expenses 650 602
Conservation and demand side management expenses 76 92
Depreciation and amortization 624 562
Taxes, Other 184 171
Total operating expenses 3,507 3,241
Operating income 573 510
Other income, net 5 1
Earnings from equity method investments 11 15
Allowance for funds used during construction — equity 19 13
Interest charges and financing costs    
Interest charges — includes other financing costs of $8 253 214
Allowance for funds used during construction — debt (10) (5)
Total interest charges and financing costs 243 209
Income before income taxes 365 330
Income tax benefit (53) (50)
Net income $ 418 $ 380
Weighted average common shares outstanding:    
Basic (in shares) 551 545
Diluted (in shares) [1] 551 545
Earnings per average common share:    
Basic (in dollars per share) $ 0.76 $ 0.70
Diluted (in dollars per share) $ 0.76 $ 0.70
[1] Diluted common shares outstanding included common stock equivalents of 0.2 million for the three months ended March 31, 2023 and 2022, respectively.