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Earnings Per Share and Common Stock | 9 Months Ended
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Sep. 30, 2015
Earnings Per Share and Common Stock [Abstract] |
Earnings Per Share and Common Stock [Text Block] | EARNINGS PER SHARE AND COMMON STOCK We compute basic earnings per share using the weighted average number of shares of common stock outstanding during each period. The difference between basic and diluted earnings per share, if any, arises from outstanding stock options, non-vested restricted stock units, performance share awards granted under our Executive Long-Term Incentive Compensation Plan and common shares under the forward sale agreement (described below). For the nine months ended September 30, 2015 and 2014, no options to purchase shares of common stock were excluded from the computation of diluted earnings per share.
|  |  | 2015 |  |  |  |  |  | 2014 |  |
Reconciliation of Basic and Diluted |  |  | Dilutive |  |  |  |  |  | Dilutive |  |
Earnings Per Share | Basic |  | Securities |  | Diluted |  | Basic |  | Securities |  | Diluted
Millions Except Per Share Amounts |  |  |  |  |  |  |  |  |  |  |
Quarter ended September 30, |  |  |  |  |  |  |  |  |  |  |
Net Income Attributable to ALLETE |  | $60.4 |  |  |  |  |  | $60.4 |  |  |  | $41.6 |  |  |  |  |  | $41.6 |
Average Common Shares | 48.8 |  |  | 0.1 |  |  | 48.9 |  |  | 42.9 |  |  | — |  |  | 42.9 |
Earnings Per Share |  | $1.24 |  |  |  |  |  | $1.23 |  |  |  | $0.97 |  |  |  |  |  | $0.97 |
Nine months ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income Attributable to ALLETE |  | $122.8 |  |  |  |  |  | $122.8 |  |  |  | $91.9 |  |  |  |  |  | $91.9 |
Average Common Shares | 48.0 |  |  | 0.1 |  |  | 48.1 |  |  | 42.1 |  |  | 0.2 |  |  | 42.3 |
Earnings Per Share |  | $2.56 |  |  |  |  |  | $2.55 |  |  |  | $2.18 |  |  |  |  |  | $2.17 |
Forward Sale Agreement and Issuance of Common Stock. In February 2014, ALLETE entered into a confirmation of forward sale agreement (Agreement) with a forward counterparty in connection with a public offering of 2.8 million shares of ALLETE common stock. Pursuant to the Agreement, the forward counterparty (or its affiliate) borrowed 2.8 million shares of ALLETE common stock from third parties and sold them to the underwriters. The forward sale price was $48.01 per share, subject to adjustment as provided in the Agreement. In September 2014, ALLETE physically settled a portion of its obligations under the Agreement by delivering approximately 1.4 million shares of common stock in exchange for cash proceeds of $65.0 million and on February 4, 2015, ALLETE physically settled the remaining portion of its obligation under the Agreement by delivering approximately 1.4 million shares of common stock in exchange for cash proceeds of $65.4 million. In connection with the public offering of the 2.8 million shares, ALLETE granted the underwriters an option to purchase up to an additional 0.4 million shares of ALLETE common stock (the option shares). The underwriters exercised the option in full and in March 2014, the Company issued and sold the option shares to the underwriters at a price to ALLETE equal to the initial forward sale price for proceeds of $20.2 million. Contributions to Pension. No contributions were made to the pension plan for the nine months ended September 30, 2015. For the nine months ended September 30, 2014, ALLETE contributed 0.4 million shares of ALLETE common stock to its pension plan. These shares of ALLETE common stock were contributed in reliance upon an exemption available pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and had an aggregate value of $19.5 million when contributed.

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