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Earnings Per Share - CMS Energy | 6 Months Ended
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Jun. 30, 2011
Earnings Per Share - CMS Energy |
Earnings Per Share - CMS Energy | 6: EARNINGS PER SHARE — CMS ENERGY Presented in the following table are CMS Energy's basic and diluted EPS computations based on income from continuing operations:
In Millions, Except Per Share Amounts |
|  | Three Months Ended |  |  | Six Months Ended |
June 30 |  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Income Available to Common Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 101 |  |  | $ | 100 |  |  | $ | 234 |  |  | $ | 189 |
Less income attributable to noncontrolling interest |  |  | 1 |  |  |  | 2 |  |  |  | 1 |  |  |  | 2 |
Less preferred stock dividends |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 5 |
Income from Continuing Operations Available to Common Stockholders — Basic and Diluted |  | $ | 100 |  |  | $ | 96 |  |  | $ | 233 |  |  | $ | 182 |
Average Common Shares Outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares — basic |  |  | 250.3 |  |  |  | 228.2 |  |  |  | 250.2 |  |  |  | 228.1 |
Add dilutive contingently convertible securities |  |  | 11.3 |  |  |  | 19.3 |  |  |  | 11.0 |  |  |  | 19.5 |
Add dilutive non-vested stock awards and options |  |  | 0.3 |  |  |  | 0.1 |  |  |  | 0.3 |  |  |  | 0.1 |
Weighted average shares — diluted |  |  | 261.9 |  |  |  | 247.6 |  |  |  | 261.5 |  |  |  | 247.7 |
Income from Continuing Operations per Average Common Share Available to Common Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.40 |  |  | $ | 0.42 |  |  | $ | 0.93 |  |  | $ | 0.80 |
Diluted |  |  | 0.38 |  |  |  | 0.39 |  |  |  | 0.89 |  |  |  | 0.74 |
Contingently Convertible Securities When CMS Energy has earnings from continuing operations, its contingently convertible securities dilute EPS to the extent that the conversion value of a security, which is based on the average market price of CMS Energy common stock, exceeds the principal value of that security. Stock Options and Warrants For the three months and six months ended June 30, 2011, outstanding options to purchase 0.1 million shares of CMS Energy common stock had no impact on diluted EPS, since the exercise price was greater than the average market price of CMS Energy common stock. These stock options have the potential to dilute EPS in the future. Non-vested Stock Awards CMS Energy's non-vested stock awards are composed of participating and non-participating securities. The participating securities accrue cash dividends when common stockholders receive dividends. Since the recipient is not required to return the dividends to CMS Energy if the recipient forfeits the award, the non-vested stock awards are considered participating securities. As such, the participating non-vested stock awards were included in the computation of basic EPS. The non-participating securities accrue stock dividends that vest concurrently with the stock award. If the recipient forfeits the award, the stock dividends accrued on the non-participating securities are also forfeited. Accordingly, the non-participating awards and stock dividends were included in the computation of diluted EPS, but not basic EPS. Convertible Debentures For each of the three and six months ended June 30, 2011 and 2010, CMS Energy's 7.75 percent convertible subordinated debentures would have increased diluted earnings per share had they been included in the calculation. Using the if-converted method, the debentures would have had the following impacts on the calculation of diluted EPS:
In Millions |
|  | Three Months Ended |  |  | Six Months Ended |
June 30 |  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Increase to numerator from assumed reduction in interest expense |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Increase to denominator from assumed conversion of debentures into common shares |  |  | 0.7 |  |  |  | 0.7 |  |  |  | 0.7 |  |  |  | 0.7 |
CMS Energy can revoke the conversion rights if certain conditions are met.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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