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Earnings Per Share (EPS) and Dividends | 6 Months Ended
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Jun. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Share (EPS) and Dividends | Earnings Per Share (EPS) and Dividends EPS Basic EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding, plus dilutive potential shares related to PSEG’s stock based compensation. The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |
|  | Basic |  | Diluted |  | Basic |  | Diluted |  | Basic |  | Diluted |  | Basic |  | Diluted |
| EPS Numerator (Millions): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Income (Loss) | $ | 131 |  |  | $ | 131 |  |  | $ | (177) |  |  | $ | (177) |  |  | $ | 129 |  |  | $ | 129 |  |  | $ | 471 |  |  | $ | 471 |  |
| EPS Denominator (Millions): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted Average Common Shares Outstanding | 497 |  |  | 497 |  |  | 504 |  |  | 504 |  |  | 499 |  |  | 499 |  |  | 504 |  |  | 504 |  |
| Effect of Stock Based Compensation Awards | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |  |
| Total Shares | 497 |  |  | 500 |  |  | 504 |  |  | 504 |  |  | 499 |  |  | 502 |  |  | 504 |  |  | 507 |  |
| EPS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Income (Loss) | $ | 0.26 |  |  | $ | 0.26 |  |  | $ | (0.35) |  |  | $ | (0.35) |  |  | $ | 0.26 |  |  | $ | 0.26 |  |  | $ | 0.94 |  |  | $ | 0.93 |  |
Approximately 3 million potentially dilutive shares were excluded from total shares used to calculate the diluted loss per share for the three months ended June 30, 2021 as their impact was antidilutive. In September 2021, PSEG announced a $500 million share repurchase program, authorized by the Board of Directors. In December 2021, under this authorization PSEG entered into an open market share repurchase plan for $250 million of its common shares. During January and through mid-February 2022, PSEG purchased the full $250 million of common stock under the open market share repurchase plan. In March 2022, under this authorization, PSEG entered into a Master Confirmation and Supplemental Confirmation with an investment banking firm to effect an accelerated share repurchase agreement (ASR Agreement) for the remaining authorized $250 million of shares of PSEG’s outstanding common stock. Under the ASR Agreement, PSEG received initial delivery of approximately 3.0 million shares of common stock in mid-March, representing approximately 80% of the total number of shares of common stock initially underlying the ASR Agreement. In mid-May 2022, the investment banking firm exercised its right to accelerate the termination of the contract pursuant to the terms of the ASR Agreement and PSEG received approximately 0.6 million shares, representing the balance of the shares owed to PSEG under the ASR Agreement. Dividends
|  | Three Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |
| Dividend Payments on Common Stock | 2022 |  | 2021 |  | 2022 |  | 2021 |
| Per Share | $ | 0.54 |  |  | $ | 0.51 |  |  | $ | 1.08 |  |  | $ | 1.02 |  |
| In Millions | $ | 270 |  |  | $ | 258 |  |  | $ | 541 |  |  | $ | 516 |  |
On July 19, 2022, PSEG’s Board of Directors approved a $0.54 per share common stock dividend for the third quarter of 2022.

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