CenterPoint Energy 2014 Annual Report Download - page 125
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Please find page 125 of the 2014 CenterPoint Energy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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CenterPoint Energy has provided guarantees (CenterPoint Midstream Guarantees) with respect to the performance of certain obligations of
Enable under long-
term gas gathering and treating agreements with an indirect wholly owned subsidiary of Encana Corporation and an indirect
wholly owned subsidiary of Royal Dutch Shell plc. As of December 31, 2014 , CenterPoint Energy had guaranteed Enable’
s obligations up to an
aggregate amount of $100 million
under these agreements. Under the terms of the omnibus agreement entered into in connection with the closing
of the formation of Enable, Enable and CenterPoint Energy have agreed to use commercially reasonable efforts and cooperate with each other to
terminate the CenterPoint Midstream Guarantees and to release CenterPoint Energy from such guarantees by causing Enable or one of its
subsidiaries to enter into substitute guarantees or to assume the CenterPoint Midstream Guarantees as applicable.
CERC Corp. has also provided a guarantee of collection of $1.1 billion of Enable’
s Guaranteed Senior Notes. This guarantee is subordinated
to all senior debt of CERC Corp. and is subject to automatic release on May 1, 2016.
The fair value of these guarantees is not material.
The following table reconciles numerators and denominators of CenterPoint Energy’s basic and diluted earnings per share calculations:
115
(15)
Earnings Per Share
For the Year Ended December 31,
2014
2013
2012
(in millions, except per share and share amounts)
Net income
$
611
$
311
$
417
Basic weighted average shares outstanding
429,634,000
428,466,000
427,189,000
Plus: Incremental shares from assumed conversions:
Stock options
—
41,000
152,000
Restricted stock
2,034,000
2,423,000
2,453,000
Diluted weighted average shares
431,668,000
430,930,000
429,794,000
Basic earnings per share
$
1.42
$
0.73
$
0.98
Diluted earnings per share
$
1.42
$
0.72
$
0.97