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52
Changes in Diluted EPS
The following table summarizes significant components contributing to the changes in the diluted EPS compared with prior
periods, which are discussed in more detail later.
Diluted Earnings (Loss) Per Share Dec. 31
2010 GAAP diluted earnings per share ................................................................
....
$
1.62
Earnings per share from discontinued operations ................................
.............................
(0.01)
2010 diluted earnings per share from continuing operations ................................
...............
1.61
COLI settlement and Medicare Part D ................................................................
.......
0.01
2010 ongoing diluted earnings per share................................................................
...
1.62
Components of change — 2011 vs. 2010
Higher electric margins ................................................................
..................
0.44
Higher natural gas margins ................................................................
...............
0.04
Higher operating and maintenance expenses ................................
...............................
(0.11)
Dilution from DSPP, benefit plans and the 2010 common equity issuance ................................
....
(0.08)
Higher taxes (other than income taxes) ................................................................
...
(0.06)
Higher conservation and DSM expenses (generally offset in revenues) ................................
.......
(0.05)
Higher depreciation and amortization................................................................
......
(0.04)
Other, net (including interest and premium on redemption of preferred stock)................................
.
(0.04)
2011 GAAP and ongoing diluted earnings per share ................................
.......................
$
1.72
Diluted Earnings (Loss) Per Share Dec. 31
2009 GAAP diluted earnings per share ................................................................
....
$
1.48
PSRI ................................................................................................
.....
0.01
2009 diluted earnings per share from continuing operations ................................
...............
1.49
Loss per share from discontinued operations ................................................................
.
0.01
2009 ongoing diluted earnings per share................................................................
...
1.50
Components of change — 2010 vs. 2009
Higher electric margins ................................................................
..................
0.55
Higher natural gas margins ................................................................
...............
0.03
Higher operating and maintenance expenses ................................
...............................
(0.20)
Higher conservation and DSM expenses (generally offset in revenues) ................................
......
(0.08)
Higher depreciation and amortization................................................................
......
(0.05)
Lower AFUDC — equity ................................................................
................
(0.04)
Higher taxes (other than income taxes) ................................................................
...
(0.03)
Dilution from DSPP, benefit plans and the 2010 common equity issuance ................................
....
(0.02)
Higher interest charges................................................................
...................
(0.02)
Other, net ................................................................
...............................
(0.02)
2010 ongoing diluted earnings per share................................................................
...
1.62
COLI settlement and Medicare Part D ................................................................
.......
(0.01)
2010 diluted earnings per share from continuing operations ................................
...............
1.61
Earnings per share from discontinued operations ................................
.............................
0.01
2010 GAAP diluted earnings per share ................................................................
....
$
1.62
The following table provides a reconciliation of ongoing and GAAP earnings and earnings per diluted share for the years ended
Dec. 31:
(Millions of Dollars) 2011 2010 2009
Ongoing earnings................................
.......................
$
840.9 $
756.4 $
690.0
COLI settlement and Medicare Part D ................................
.....
0.5 (4.5) (4.5)
Total continuing operations ................................
.............
841.4 751.9 685.5
Income (loss) from discontinued operations
................................
(0.2) 3.9 (4.6)
GAAP earnings................................
.........................
$
841.2 $
755.8 $
680.9