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COMMON EQUITY | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
COMMON EQUITY | COMMON EQUITY Stock-Based Compensation During the nine months ended September 30, 2025, 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) |  | 231,024 |
Restricted shares (2) |  | 79,170 |
Performance units |  | 185,945 |
(1)Stock options awarded had a weighted-average exercise price of $94.55 and a weighted-average grant date fair value of $18.23 per option. (2)Restricted shares awarded had a weighted-average grant date fair value of $94.55 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 2024 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 compensation plans and to provide shares to participants in our dividend reinvestment and stock purchase plan. In August 2024, we entered into an EDA, under which we may offer and sell, from time to time, shares of our common stock having an aggregate sales price of up to $1.5 billion through an at-the-market offering program, which includes an equity forward sales component. We may offer and sell our common shares through the sales agents party to the EDA during the term of the agreement. The EDA will terminate upon the earliest of (i) the sale of all common stock subject to the EDA, (ii) termination of the EDA pursuant to its terms, or (iii) August 31, 2027. Actual sales of common stock under the EDA will depend on a variety of factors, including market conditions, the trading price of our common stock, capital needs, and our determination of the appropriate sources of funding. Any shares offered and sold will be done pursuant to our registration statement on Form S-3 filed with the SEC on August 5, 2024 and the related prospectus supplement. As of September 30, 2025, we had issued 7,610,457 shares of common stock under the EDA and received proceeds of $797.3 million, which is net of $9.2 million of commissions and other fees. We have not entered into any forward sale agreements. We had the following changes to our outstanding common stock during the three and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30 |  | Nine Months Ended September 30
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Common stock shares outstanding at beginning of period |  | 321,866,395 |  |  | 316,079,401 |  |  | 317,680,855 |  |  | 315,434,531 |
Shares issued: |  |  |  |  |  |  |  |
At-the-market offering program |  | 3,075,416 |  |  | — |  |  | 6,579,783 |  |  | — |
Stock-based compensation |  | 196,997 |  |  | 137,936 |  |  | 587,111 |  |  | 300,602 |
401(k) |  | 70,200 |  |  | 38,400 |  |  | 185,300 |  |  | 285,000 |
Stock investment plan |  | 85,244 |  |  | 98,709 |  |  | 261,203 |  |  | 334,313 |
Common stock shares outstanding at end of period |  | 325,294,252 |  |  | 316,354,446 |  |  | 325,294,252 |  |  | 316,354,446 |
On October 16, 2025, our Board of Directors declared a quarterly cash dividend of $0.8925 per share, payable on December 1, 2025, to shareholders of record on November 14, 2025. Earnings Per Share The following table shows the computation of our basic and diluted EPS for the three and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30 |  | Nine Months Ended September 30
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: |  |  |  |  |  |  |  |
Net income attributed to common shareholders |  | $ | 271.3 |  |  | $ | 240.1 |  |  | $ | 1,240.9 |  |  | $ | 1,073.7 |
Denominator: |  |  |  |  |  |  |  |
Weighted average basic shares outstanding |  | 323.5 |  | 316.2 |  | 320.7 |  | 315.9
Dilutive effect of stock-based compensation awards |  | 0.5 |  |  | 0.3 |  |  | 0.5 |  |  | 0.3 |
Dilutive effect of convertible senior notes |  | 1.6 |  |  | — |  |  | 1.2 |  |  | — |
Weighted average diluted shares |  | 325.6 |  |  | 316.5 |  |  | 322.4 |  |  | 316.2 |
Basic EPS |  | $ | 0.84 |  |  | $ | 0.76 |  |  | $ | 3.87 |  |  | $ | 3.40 |
Diluted EPS |  | $ | 0.83 |  |  | $ | 0.76 |  |  | $ | 3.85 |  |  | $ | 3.40 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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