DTE Energy 2014 Annual Report Download - page 75
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The Company recognizes interest and penalties pertaining to income taxes in Interest expense and Other expenses, respectively, on its Consolidated
Statements of Operations. Accrued interest pertaining to income taxes totaled $1 million at December 31, 2014 and 2013. The Company had no accrued
penalties pertaining to income taxes. The Company recognized interest expense (income) related to income taxes of a nominal amount in 2014 and 2013 and
$(1) million in 2012.
In 2014, the Company settled a federal tax audit for the 2012 tax year. The Company's federal income tax returns for 2013 and subsequent years remain
subject to examination by the IRS. The Company's MBT and MCIT returns for the year 2008 and subsequent years remain subject to examination by the
State of Michigan. The Company also files tax returns in numerous state and local jurisdictions with varying statutes of limitation.
The Company reports both basic and diluted earnings per share. The calculation of diluted earnings per share assumes the issuance of potentially
dilutive common shares outstanding during the period from the exercise of stock options. A reconciliation of both calculations is presented in the following
table as of December 31:
Net income attributable to DTE Energy Company
$ 661
$ 610
Average number of common shares outstanding
175
171
Weighted average net restricted shares outstanding
1
1
Dividends declared — common shares
$ 453
$ 413
Dividends declared — net restricted shares
1
1
Total distributed earnings
$ 454
$ 414
Net income less distributed earnings
$ 207
$ 196
Distributed (dividends per common share)
$ 2.59
$ 2.42
Undistributed
1.17
1.14
Total Basic Earnings per Common Share
$ 3.76
$ 3.56
Net income attributable to DTE Energy Company
$ 661
$ 610
Average number of common shares outstanding
175
171
Average incremental shares from assumed exercise of options
—
1
Common shares for dilutive calculation
175
172
Weighted average net restricted shares outstanding
1
1
Dividends declared — common shares
$ 453
$ 413
Dividends declared — net restricted shares
1
1
Total distributed earnings
$ 454
$ 414
Net income less distributed earnings
$ 207
$ 196
Distributed (dividends per common share)
$ 2.59
$ 2.42
Undistributed
1.17
1.13
Total Diluted Earnings per Common Share
$ 3.76
$ 3.55
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