During the nine months ended September 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:

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 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.

We have entered into several forward sales contracts under our October 2025 EDA. The following table presents information related to the common stock sold under our outstanding forward sales contracts at September 30, 2026:


Forward Sale Contract Effective Date	Maturity Date	Shares	Initial Forward Price (1)
First quarter - 2026	September 30, 2027	757,000	$	114.0796
Second quarter - 2026	December 31, 2027	2,607,398	111.4073
Third quarter - 2026	March 31, 2028	3,644,019	106.4837

(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 September 30, 2026, we could have settled our outstanding forward sales contracts as follows:


(Dollars in millions)	Physical Share Settlement		Net Settlement
Forward Sale Contract Effective Date	Cash Proceeds		Cash Proceeds		Shares Received
First quarter - 2026	$	86.3	$	10.0	99,328
Second quarter - 2026	290.5		27.7		275,004
Third quarter - 2026	387.6		20.3		201,862

During the third quarter of 2026, we physically settled various forward sales contracts that were entered into under our October 2025 EDA. As a result of these settlements, we issued 3,027,623 shares of common stock at a weighted-average net price of $114.79 per share. The net proceeds from the issuance were $347.5 million.


	Three Months Ended September 30		Nine Months Ended September 30
	2026	2025	2026	2025
Common stock shares outstanding at beginning of period	325,849,383	321,866,395	325,461,519	317,680,855
Shares issued:
At-the-market offering program	3,027,623	3,075,416	3,027,623	6,579,783
Stock-based compensation	10,987	196,997	185,299	587,111
401(k)	18,437	70,200	65,711	185,300
Stock investment plan	85,899	85,244	252,177	261,203
Common stock shares outstanding at end of period	328,992,329	325,294,252	328,992,329	325,294,252


	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2026		2025		2026		2025
Numerator:
Net income attributed to common shareholders	$	389.3	$	271.3	$	1,492.9	$	1,240.9

Denominator:
Weighted average basic shares outstanding	326.6		323.5		326.0		320.7
Dilutive effect of stock-based compensation awards	0.5		0.5		0.5		0.5
Dilutive effect of convertible senior notes	1.7		1.6		2.1		1.2
Dilutive effect of forward equity sales contracts	—		—		0.1		—
Weighted average diluted shares	328.8		325.6		328.7		322.4

Basic EPS	$	1.19	$	0.84	$	4.58	$	3.87
Diluted EPS	$	1.18	$	0.83	$	4.54	$	3.85