PUBLIC SERVICE ENTERPRISE GROUP INC Earnings Per Share Disclosure
Note 21. Earnings Per Share (EPS) and Dividends
EPS
Basic EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding, plus dilutive potential shares related to PSEG’s stock based compensation. For additional information on PSEG’s stock compensation plans see Note 17. Stock Based Compensation. The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:
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Years Ended December 31, |
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2025 |
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2024 |
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2023 |
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Basic |
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Diluted |
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Basic |
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Diluted |
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Basic |
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Diluted |
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EPS Numerator: |
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(Millions) |
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Net Income |
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$ |
2,111 |
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$ |
2,111 |
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$ |
1,772 |
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$ |
1,772 |
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$ |
2,563 |
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$ |
2,563 |
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EPS Denominator: |
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(Millions) |
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Weighted Average Common Shares Outstanding |
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499 |
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499 |
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498 |
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498 |
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498 |
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498 |
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Effect of Stock Based Compensation Awards |
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— |
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2 |
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— |
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2 |
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— |
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2 |
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Total Shares |
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499 |
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501 |
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498 |
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500 |
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498 |
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500 |
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EPS: |
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Net Income |
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$ |
4.23 |
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$ |
4.22 |
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$ |
3.56 |
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$ |
3.54 |
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$ |
5.15 |
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$ |
5.13 |
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From time to time, PSEG may repurchase shares to satisfy obligations under equity compensation awards and repurchase shares to satisfy purchases by employees under the ESPP.
For additional information on all the types of long-term incentive awards, see Note 17. Stock Based Compensation.
Common Stock Dividends
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Years Ended December 31, |
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Dividend Payments on Common Stock |
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2025 |
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2024 |
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2023 |
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Per Share |
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$ |
2.52 |
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$ |
2.40 |
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$ |
2.28 |
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in Millions |
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$ |
1,258 |
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$ |
1,196 |
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$ |
1,137 |
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On February 24, 2026, PSEG’s Board of Directors approved a $0.67 per share common stock dividend for the first quarter of 2026.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 26, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.