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Common Equity | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
Common Equity | 8. Common Equity OGE Energy Automatic Dividend Reinvestment and Stock Purchase Plan OGE Energy issued no new shares of common stock under its Automatic Dividend Reinvestment and Stock Purchase Plan in 2022. Under the terms of the Automatic Dividend Reinvestment and Stock Purchase Plan, OGE Energy may, from time to time, issue new shares to satisfy purchases under the plan or have shares purchased on the open market. At December 31, 2022, there were 3,932,647 shares of unissued common stock reserved for issuance under OGE Energy's Automatic Dividend Reinvestment and Stock Purchase Plan. Earnings (Loss) Per Share Basic earnings (loss) per share is calculated by dividing net income (loss) attributable to OGE Energy by the weighted average number of OGE Energy's common shares outstanding during the period. In the calculation of diluted earnings (loss) per share, weighted average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. Potentially dilutive securities for OGE Energy consist of performance units and restricted stock units. The following table presents the calculation of basic and diluted earnings (loss) per share for OGE Energy.
(In millions except per share data) |  | 2022 |  |  | 2021 |  |  | 2020 |
Net income (loss) |  | $ | 665.7 |  |  | $ | 737.3 |  |  | $ | (173.7 | )
Average common shares outstanding: |  |  |  |  |  |  |  |  |
Basic average common shares outstanding |  |  | 200.2 |  |  |  | 200.1 |  |  |  | 200.1 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |
Contingently issuable shares (performance and restricted stock units) |  |  | 0.6 |  |  |  | 0.2 |  |  |  | — |
Diluted average common shares outstanding |  |  | 200.8 |  |  |  | 200.3 |  |  |  | 200.1 |
Basic earnings (loss) per average common share |  | $ | 3.33 |  |  | $ | 3.68 |  |  | $ | (0.87 | )
Diluted earnings (loss) per average common share |  | $ | 3.32 |  |  | $ | 3.68 |  |  | $ | (0.87 | )
Anti-dilutive shares excluded from earnings per share calculation |  |  | — |  |  |  | — |  |  |  | 0.3 |
Dividend Restrictions OGE Energy's Certificate of Incorporation places restrictions on the amount of common stock dividends it can pay when preferred stock is outstanding. Before OGE Energy can pay any dividends on its common stock, the holders of any of its preferred stock that may be outstanding are entitled to receive their dividends at the respective rates as may be provided for the shares of their series. As there is no preferred stock outstanding, that restriction did not place any effective limit on OGE Energy's ability to pay dividends to its shareholders. OGE Energy utilizes dividends from OG&E to pay dividends to its shareholders. On December 19, 2022, OGE Energy entered into an amendment to its revolving credit facility that increased the permitted leverage ratio (percentage of debt to total capitalization) for OGE Energy from an amount not to exceed 65 percent to an amount not to exceed 70 percent. The payment of cash divi dends indirectly results in an increase in the percentage of debt to total capitalization, which results in the restriction of approximately $816.9 million of OGE Energy's retained earnings from being paid out in dividends. Accordingly, approximately $2.5 billion of OGE Energy's retained e arnings as of December 31, 2022 are unrestricted for the payment of dividends. OG&E There were no new shares of OG&E common stock issued in 2022, 2021 or 2020. Dividend Restrictions Pursuant to the Federal Power Act, OG&E is restricted from paying dividends from its capital accounts. Dividends are paid from retained earnings. Pursuant to the leverage restriction in OG&E's revolving credit agreement, OG&E must maintain a percentage of debt to total capitalization at a level that does not exceed 65 percent. The payment of cash dividends indirectly results in an increase in the percentage of debt to total capitalization, which results in the restriction of approximately $579.3 million of OG&E's retained earnings from being paid out in dividends. Accordingly, approximately $2.9 billion of OG&E's retained earnings as of December 31, 2022 are unrestricted for the payment of dividends.

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