Earnings Per Share and Dividends

3 Months Ended

Mar. 31, 2023

EARNINGS PER SHARE AND DIVIDENDS

Basic earnings per share is calculated by dividing Net Income attributable to DT Midstream by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution that would occur if any potentially dilutive instruments were exercised or converted into common shares. Restricted stock units and performance shares, including dividend equivalents on those grants, are potentially dilutive and, if dilutive, are included in the determination of weighted average shares outstanding. Restricted stock units and performance shares do not receive cash dividends, as such, these awards are not considered participating securities.

The following is a reconciliation of DT Midstream's basic and diluted earnings per share calculation:


	Three Months Ended

	2023		2022
	(millions, except per share amounts)
Basic and Diluted Earnings per Common Share
Net Income Attributable to DT Midstream	$	81	$	81
Average number of common shares outstanding — basic	96.8		96.7

Incremental shares attributable to:
Average dilutive restricted stock units and performance share awards	0.6		0.3
Average number of common shares outstanding — diluted	97.4		97.0

Basic Earnings per Common Share	$	0.84	$	0.84
Diluted Earnings per Common Share	$	0.84	$	0.84

DT Midstream declared the following cash dividends:


Dividends Declared	Dividend Amount				Dividend Payment Date
(quarter ended)	(per-share)		(millions)



2022
March 31	$	0.64	$	62	April 2022
June 30	$	0.64	$	62	July 2022
September 30	$	0.64	$	62	October 2022
December 31	$	0.64	$	62	January 2023
2023
March 31	$	0.69	$	67	April 2023