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COMMON EQUITY | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
COMMON EQUITY | COMMON EQUITY Stock-Based Compensation During the six months ended June 30, 2024, the Compensation Committee of our Board of Directors awarded the following stock-based compensation to our directors, officers, and certain other key employees:
Award Type |  | Number of Awards
Stock options (1) |  | 294,990 |
Restricted shares (2) |  | 108,484 |
Performance units |  | 205,051 |
(1)Stock options awarded had a weighted-average exercise price of $84.92 and a weighted-average grant date fair value of $16.19 per option. (2)Restricted shares awarded had a weighted-average grant date fair value of $84.97 per share. Restrictions Our ability as a holding company to pay common stock dividends primarily depends on the availability of funds received from our utility subsidiaries, We Power, Bluewater, ATC Holding LLC (which holds our ownership interest in ATC), and WECI. Various financing arrangements and regulatory requirements impose certain restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans, or advances. Our utility subsidiaries, with the exception of UMERC and MGU, are prohibited from loaning funds to us, either directly or indirectly. See Note 11, Common Equity, in our 2023 Annual Report on Form 10-K for additional information on these and other restrictions. We do not believe that these restrictions will materially affect our operations or limit any dividend payments in the foreseeable future. Common Stock As of January 1, 2024, we began issuing new shares of common stock to fulfill our obligations under various stock-based employee benefit and compensations plans and to provide shares to participants in our dividend reinvestment and stock purchase plan. During 2023, we instructed our independent agents to purchase shares on the open market to fulfill obligations under these plans. As such, no new shares of common stock were issued during the three and six months ended June 30, 2023. We had the following changes to our outstanding common stock during the three and six months ended June 30, 2024:
|  | Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024
Common stock shares outstanding at beginning of period |  | 315,822,587 |  |  | 315,434,531 |
Shares issued: |  |  |  |
Stock-based compensation |  | 20,488 |  |  | 162,666 |
401(k) |  | 122,300 |  |  | 246,600 |
Stock investment plan |  | 114,026 |  |  | 235,604 |
Common stock shares outstanding at end of period |  | 316,079,401 |  |  | 316,079,401 |
On July 18, 2024, our Board of Directors declared a quarterly cash dividend of $0.835 per share, payable on September 1, 2024, to shareholders of record on August 14, 2024.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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