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COMMON EQUITY | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
COMMON EQUITY | COMMON EQUITY Stock-Based Compensation During the six months ended June 30, 2026, 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) |  | 269,085 |
Restricted shares (2) |  | 75,222 |
Performance units |  | 182,146 |
(1)Stock options awarded had a weighted-average exercise price of $106.09 and a weighted-average grant date fair value of $21.20 per option. (2)Restricted shares awarded had a weighted-average grant date fair value of $106.09 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 2025 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 We issue 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 could 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. In October 2025, we terminated this EDA and entered into a new 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 $3.0 billion through an at-the-market offering program. This EDA also includes an equity forward sales component and a collared 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 October 2025 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) October 31, 2028. 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 under our October 2025 EDA will be done pursuant to our registration statement on Form S-3 filed with the SEC on August 5, 2024 and the related prospectus supplements. As of June 30, 2026, we had not yet issued any shares of common stock under our October 2025 EDA; however, we did enter into several forward sales contracts. As of June 30, 2026, no shares had been settled under these contracts. The following table presents information related to the common stock sold under our outstanding forward sales contracts at June 30, 2026:
Forward Sale Contract Effective Date |  | Maturity Date |  | Shares |  | Initial Forward Price (1)
Fourth quarter - 2025 |  | June 30, 2027 |  | 58,533 |  |  | $ | 110.7748 |
First quarter - 2026 |  | September 30, 2027 |  | 3,726,090 |  |  | 114.8548 |
Second quarter - 2026 |  | December 31, 2027 |  | 2,607,398 |  |  | 111.4073 |
(1)Amount represents the weighted-average initial forward price of the forward sales contracts that became effective during the quarter. The initial forward price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts as specified in the contract. No amounts are recorded on our balance sheet with respect to these contracts until actual settlement occurs. The contracts require us, at our election, to either (i) physically settle the transaction by issuing shares of our stock in exchange for net cash proceeds at the then-applicable forward sales price or (ii) net settle the transaction through the delivery or receipt of cash or shares in accordance with the contract provisions. At June 30, 2026, we could have settled our outstanding forward sales contracts as follows:
(Dollars in millions) |  | Physical Share Settlement |  | Net Settlement
Forward Sale Contract Effective Date |  | Cash Proceeds |  | Cash Payments |  | Shares Issued
Fourth quarter - 2025 |  | $ | 6.5 |  |  | $ | (0.4) |  |  | (3,045) |
First quarter - 2026 |  | 428.3 |  |  | (6.8) |  |  | (57,815) |
Second quarter - 2026 |  | 290.8 |  |  | (13.6) |  |  | (116,720) |
We had the following changes to our outstanding common stock during the three and six months ended June 30, 2026 and 2025:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
|  | 2026 |  | 2025 |  | 2026 |  | 2025
Common stock shares outstanding at beginning of period |  | 325,725,678 |  |  | 319,133,501 |  |  | 325,461,519 |  |  | 317,680,855 |
Shares issued: |  |  |  |  |  |  |  |
At-the-market offering program |  | — |  |  | 2,526,543 |  |  | — |  |  | 3,504,367 |
Stock-based compensation |  | 23,102 |  |  | 47,403 |  |  | 174,312 |  |  | 390,114 |
401(k) |  | 16,340 |  |  | 71,800 |  |  | 47,274 |  |  | 115,100 |
Stock investment plan |  | 84,263 |  |  | 87,148 |  |  | 166,278 |  |  | 175,959 |
Common stock shares outstanding at end of period |  | 325,849,383 |  |  | 321,866,395 |  |  | 325,849,383 |  |  | 321,866,395 |
On July 16, 2026, our Board of Directors declared a quarterly cash dividend of $0.9525 per share, payable on September 1, 2026, to shareholders of record on August 14, 2026. Earnings Per Share The following table shows the computation of our basic and diluted EPS for the three and six months ended June 30, 2026 and 2025:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
(in millions) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Numerator: |  |  |  |  |  |  |  |
Net income attributed to common shareholders |  | $ | 299.2 |  |  | $ | 245.4 |  |  | $ | 1,103.6 |  |  | $ | 969.6 |
Denominator: |  |  |  |  |  |  |  |
Weighted average basic shares outstanding |  | 325.8 |  | 320.3 |  | 325.7 |  | 319.3
Dilutive effect of stock-based compensation awards |  | 0.6 |  |  | 0.6 |  |  | 0.6 |  |  | 0.5 |
Dilutive effect of convertible senior notes |  | 2.4 |  |  | 1.3 |  |  | 2.3 |  |  | 0.9 |
Dilutive effect of forward equity sales contracts |  | 0.1 |  |  | — |  |  | — |  |  | — |
Weighted average diluted shares |  | 328.9 |  |  | 322.2 |  |  | 328.6 |  |  | 320.7 |
Basic EPS |  | $ | 0.92 |  |  | $ | 0.77 |  |  | $ | 3.39 |  |  | $ | 3.04 |
Diluted EPS |  | $ | 0.91 |  |  | $ | 0.76 |  |  | $ | 3.36 |  |  | $ | 3.02 |

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