v3.26.1
COMMON EQUITY
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
COMMON EQUITY COMMON EQUITY
Stock-Based Compensation

During the six months ended June 30, 2026, the Compensation Committee of our Board of Directors awarded the following stock-based compensation to our directors, officers, and certain other key employees:
Award TypeNumber of Awards
Stock options (1)
269,085 
Restricted shares (2)
75,222 
Performance units182,146 

(1)Stock options awarded had a weighted-average exercise price of $106.09 and a weighted-average grant date fair value of $21.20 per option.

(2)Restricted shares awarded had a weighted-average grant date fair value of $106.09 per share.

Restrictions

Our ability as a holding company to pay common stock dividends primarily depends on the availability of funds received from our utility subsidiaries, We Power, Bluewater, ATC Holding LLC (which holds our ownership interest in ATC), and WECI. Various financing arrangements and regulatory requirements impose certain restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans, or advances. Our utility subsidiaries, with the exception of UMERC and MGU, are prohibited from loaning funds to us, either directly or indirectly. See Note 11, Common Equity, in our 2025 Annual Report on Form 10-K for additional information on these and other restrictions.

We do not believe that these restrictions will materially affect our operations or limit any dividend payments in the foreseeable future.

Common Stock

We issue new shares of common stock to fulfill our obligations under various stock-based employee benefit and compensation plans and to provide shares to participants in our dividend reinvestment and stock purchase plan.

In August 2024, we entered into an EDA, under which we could offer and sell, from time to time, shares of our common stock having an aggregate sales price of up to $1.5 billion through an at-the-market offering program. In October 2025, we terminated this EDA and entered into a new EDA, under which we may offer and sell, from time to time, shares of our common stock having an aggregate sales price of up to $3.0 billion through an at-the-market offering program. This EDA also includes an equity forward sales component and a collared forward sales component. We may offer and sell our common shares through the sales agents party to the EDA during the term of the agreement. The October 2025 EDA will terminate upon the earliest of (i) the sale of all common stock subject to the EDA, (ii) termination of the EDA pursuant to its terms, or (iii) October 31, 2028. Actual sales of common stock under the EDA will depend on a variety of factors, including market conditions, the trading price of our common stock, capital needs, and our determination of the appropriate sources of funding. Any shares offered and sold under our October 2025 EDA will be done pursuant to our registration statement on Form S-3 filed with the SEC on August 5, 2024 and the related prospectus supplements.
As of June 30, 2026, we had not yet issued any shares of common stock under our October 2025 EDA; however, we did enter into several forward sales contracts. As of June 30, 2026, no shares had been settled under these contracts. The following table presents information related to the common stock sold under our outstanding forward sales contracts at June 30, 2026:
Forward Sale Contract Effective DateMaturity DateShares
Initial Forward Price (1)
Fourth quarter - 2025June 30, 202758,533 $110.7748 
First quarter - 2026September 30, 20273,726,090 114.8548 
Second quarter - 2026December 31, 20272,607,398 111.4073 

(1)Amount represents the weighted-average initial forward price of the forward sales contracts that became effective during the quarter. The initial forward price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts as specified in the contract.

No amounts are recorded on our balance sheet with respect to these contracts until actual settlement occurs. The contracts require us, at our election, to either (i) physically settle the transaction by issuing shares of our stock in exchange for net cash proceeds at the then-applicable forward sales price or (ii) net settle the transaction through the delivery or receipt of cash or shares in accordance with the contract provisions. At June 30, 2026, we could have settled our outstanding forward sales contracts as follows:
(Dollars in millions)Physical Share SettlementNet Settlement
Forward Sale Contract Effective DateCash ProceedsCash PaymentsShares Issued
Fourth quarter - 2025$6.5 $(0.4)(3,045)
First quarter - 2026428.3 (6.8)(57,815)
Second quarter - 2026290.8 (13.6)(116,720)

We had the following changes to our outstanding common stock during the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30Six Months Ended June 30
2026202520262025
Common stock shares outstanding at beginning of period325,725,678 319,133,501 325,461,519 317,680,855 
Shares issued:
At-the-market offering program— 2,526,543 — 3,504,367 
Stock-based compensation 23,102 47,403 174,312 390,114 
401(k)16,340 71,800 47,274 115,100 
Stock investment plan84,263 87,148 166,278 175,959 
Common stock shares outstanding at end of period325,849,383 321,866,395 325,849,383 321,866,395 

On July 16, 2026, our Board of Directors declared a quarterly cash dividend of $0.9525 per share, payable on September 1, 2026, to shareholders of record on August 14, 2026.
Earnings Per Share

The following table shows the computation of our basic and diluted EPS for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30Six Months Ended June 30
(in millions)2026202520262025
Numerator:
Net income attributed to common shareholders$299.2 $245.4 $1,103.6 $969.6 
Denominator:
Weighted average basic shares outstanding325.8320.3325.7319.3
Dilutive effect of stock-based compensation awards0.6 0.6 0.6 0.5 
Dilutive effect of convertible senior notes2.4 1.3 2.3 0.9 
Dilutive effect of forward equity sales contracts0.1 — — — 
Weighted average diluted shares328.9 322.2 328.6 320.7 
Basic EPS$0.92 $0.77 $3.39 $3.04 
Diluted EPS$0.91 $0.76 $3.36 $3.02