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Common Stock and Earnings Per Share | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Common Stock and Earnings Per Share | COMMON STOCK AND EARNINGS PER SHARE
Summary of Common Stock | Shares | Equity
| Thousands | Millions
Balance as of December 31, 2021 | 53,220 |  | $1,536.7 |
Employee Stock Purchase Plan | 11 |  | 0.9 |
Invest Direct | 244 |  | 14.9 |
Share-Based Compensation | 82 |  | 5.3 |
Equity Issuance | 3,680 |  | 223.7 |
Balance as of December 31, 2022 | 57,237 |  | 1,781.5 |
Employee Stock Purchase Plan | 16 |  | 0.8 |
Invest Direct | 232 |  | 13.3 |
Share-Based Compensation | 76 |  | 8.1 |
Balance as of December 31, 2023 | 57,561 |  | 1,803.7 |
Employee Stock Purchase Plan | 16 |  | 0.9 |
Invest Direct | 197 |  | 12.4 |
Share-Based Compensation | 108 |  | 6.2 |
Balance as of December 31, 2024 | 57,882 |  | $1,823.2 |
Equity Issuance Program. We entered into a distribution agreement with Lampert Capital Markets, in 2008, as amended most recently in 2020, with respect to the issuance and sale of up to an aggregate of 13.6 million shares of our common stock, without par value, of which 2.1 million shares remain available for issuance as of December 31, 2024. For the year ended December 31, 2024, no shares of common stock were issued under this agreement (none in 2023; none in 2022). On April 5, 2022, ALLETE issued and sold approximately 3.7 million shares of ALLETE common stock. Net proceeds of approximately $224 million were received from the sale of shares. Proceeds were used primarily to fund the acquisition of New Energy and capital investments at ALLETE Clean Energy. Earnings Per Share. 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 non-vested restricted stock units and performance share awards granted under our Executive Long-Term Incentive Compensation Plan.
Reconciliation of Basic and Diluted |  |  |
Earnings Per Share |  | Dilutive |
Year Ended December 31 | Basic | Securities | Diluted
Millions Except Per Share Amounts |  |  |
2024 |  |  |
Net Income Attributable to ALLETE | $179.3 |  |  | $179.3 |
Average Common Shares | 57.7 |  | 0.1 |  | 57.8 |
Earnings Per Share | $3.11 |  |  | $3.10 |
2023 |  |  |
Net Income Attributable to ALLETE | $247.1 |  |  | $247.1 |
Average Common Shares | 57.3 |  | 0.1 |  | 57.4 |
Earnings Per Share | $4.31 |  |  | $4.30 |
2022 |  |  |
Net Income Attributable to ALLETE | $189.3 |  |  | $189.3 |
Average Common Shares | 55.9 |  | 0.1 |  | 56.0 |
Earnings Per Share | $3.38 |  |  | $3.38 |

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