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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE EPS is calculated by dividing earnings attributable to FE by the weighted average number of common shares outstanding. Basic EPS is computed using the weighted average number of common shares outstanding during the relevant period as the denominator. The denominator for diluted EPS of common stock reflects the weighted average of common shares outstanding plus the potential additional common shares that could result if dilutive securities and other agreements to issue common stock were exercised. Diluted EPS reflects the dilutive effect of potential common shares from share-based awards and convertible securities. The dilutive effect of outstanding share-based awards was computed using the treasury stock method, which assumes any proceeds that could be obtained upon the exercise of the award would be used to purchase common stock at the average market price for the period. The dilutive effect of the 2026 Convertible Notes, as further discussed in Note 6, “Fair Value Measurements” under Long-term debt and other long-term obligations, is computed using the if-converted method. The following table reconciles basic and diluted EPS attributable to FE:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |
Reconciliation of Basic and Diluted EPS |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
(In millions, except per share amounts) |  |  |  |  |  |  |  |  |
Earnings attributable to FE - continuing operations |  | $ | 421 |  |  | $ | 334 |  |  | $ | 948 |  |  | $ | 809 |  |
Earnings attributable to FE - discontinued operations, net of tax |  | (21) |  |  | — |  |  | (21) |  |  | — |  |
Earnings attributable to FE |  | $ | 400 |  |  | $ | 334 |  |  | $ | 927 |  |  | $ | 809 |  |
Share count information: |  |  |  |  |  |  |  |  |
Weighted average number of basic shares outstanding |  | 573 |  |  | 571 |  |  | 573 |  |  | 571 |  |
Assumed exercise of dilutive stock options and awards |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |
Weighted average number of diluted shares outstanding |  | 574 |  |  | 572 |  |  | 574 |  |  | 572 |  |
EPS attributable to FE: |  |  |  |  |  |  |  |  |
Basic - continuing operations |  | $ | 0.74 |  |  | $ | 0.58 |  |  | $ | 1.66 |  |  | $ | 1.42 |  |
Basic - discontinued operations |  | (0.04) |  |  | — |  |  | (0.04) |  |  | — |  |
Basic EPS |  | $ | 0.70 |  |  | $ | 0.58 |  |  | $ | 1.62 |  |  | $ | 1.42 |  |
Diluted - continuing operations |  | $ | 0.73 |  |  | $ | 0.58 |  |  | $ | 1.65 |  |  | $ | 1.41 |  |
Diluted - discontinued operations |  | (0.04) |  |  | — |  |  | (0.04) |  |  | — |  |
Diluted EPS |  | $ | 0.69 |  |  | $ | 0.58 |  |  | $ | 1.61 |  |  | $ | 1.41 |  |
For the three and nine months ended September 30, 2023 and 2022, no shares from stock options and awards were excluded from the calculation of diluted shares outstanding, as their inclusion would have been antidilutive. The dilutive effect of the 2026 Convertible Notes is limited to the conversion obligation in excess of the aggregate principal amount of the 2026 Convertible Notes being converted. For the three and nine months ended September 30, 2023, there was no dilutive effect resulting from the 2026 Convertible Notes as the average market price of FE shares of common stock was below the initial conversion price of $46.81 per share. See Note 6, “Fair Value Measurements” for additional details on the 2026 Convertible Notes that were issued during the second quarter of 2023.

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