v3.26.1
COMMON EQUITY (Tables)
6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of stock-based compensation awards granted
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.
Schedule of Forward Contracts Indexed to Issuer's Equity 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.
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)
Schedule of Common Stock Outstanding Roll Forward
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 
Schedule of Earnings Per Share, Basic and Diluted
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