Earnings Per Share

3 Months Ended

Mar. 31, 2021

Dual presentation of basic and diluted earnings per share is presented in the Condensed Consolidated Statements of Earnings of PNMR. PNMR’s potentially dilutive shares consist of restricted stock and PNMR common stock issuable in 2020 under the PNMR 2020 Forward Equity Sale Agreements, which are calculated under the treasury stock method. See Note 7 of the Notes to Consolidated Financial Statements in the 2020 Annual Reports on Form 10-K.

Information regarding the computation of earnings per share is as follows:


	Three Months Ended
	March 31,
	2021		2020
	(In thousands, except per share amounts)
Net Earnings (Loss) Attributable to PNMR	$	17,579	$	(15,260)
Average Number of Common Shares:
Outstanding during period	85,835		79,654
Vested awards of restricted stock	196		217
Average Shares – Basic	86,031		79,871
Dilutive Effect of Common Stock Equivalents:

Restricted stock	24		—
Average Shares – Diluted	86,055		79,871

Net Earnings (Loss) Per Share of Common Stock:
Basic	$	0.20	$	(0.19)
Diluted	$	0.20	$	(0.19)

(1) No potentially dilutive restricted stock or PNMR common stock under the PNMR 2020 Forward Equity Sale Agreements have been included in the computation of Average Shares – Diluted for the three months ended March 31, 2020 since the effect would be anti-dilutive.