Common Stock and Earnings Per Share
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Common Stock and Earnings Per Share [Text Block] COMMON STOCK AND EARNINGS PER SHARE
Summary of Common Stock
Shares

Equity

 
Thousands

Millions

Balance as of December 31, 2016
49,560


$1,295.3

Employee Stock Purchase Plan
12

0.8

Invest Direct
257

19.0

Options and Stock Awards
22

3.6

Contributions to RSOP
50

3.5

Equity Issuance Program
1,000

65.7

Contributions to Pension
216

13.5

Balance as of December 31, 2017
51,117

1,401.4

Employee Stock Purchase Plan
11

0.8

Invest Direct
277

20.7

Options and Stock Awards
57

2.1

Contributions to RSOP
47

3.5

Balance as of December 31, 2018
51,509

1,428.5

Employee Stock Purchase Plan
8

0.7

Invest Direct
38

3.0

Options and Stock Awards
85

1.3

Contributions to RSOP
39

3.2

Balance as of December 31, 2019
51,679


$1,436.7



Equity Issuance Program. We entered into a distribution agreement with Lampert Capital Markets, Inc., in 2008, as amended most recently in 2016, with respect to the issuance and sale of up to an aggregate of 13.6 million shares of our common stock, without par value, of which 2.9 million shares remain available for issuance as of December 31, 2019. For the year ended December 31, 2019, no shares of common stock were issued under this agreement (none in 2018; 1.0 million shares for net proceeds of $65.7 million in 2017). The shares issued in 2017 were offered and sold pursuant to Registration Statement No. 333-212794. On July 31, 2019, we filed Registration Statement No. 333-232905, pursuant to which the remaining shares will continue to be offered for sale, from time to time.
Contributions to Pension. For the year ended December 31, 2019, we contributed no shares of ALLETE common stock to our pension plan (none in 2018 and 0.2 million shares, which had an aggregate value of $13.5 million in 2017). The shares of ALLETE common stock contributed in 2017 were contributed in reliance upon an exemption available pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

Earnings Per Share. We compute basic earnings per share using the weighted average number of shares of common stock outstanding during each period. The difference between basic and diluted earnings per share, if any, arises from non-vested restricted stock units and performance share awards granted under our Executive Long-Term Incentive Compensation Plan.

NOTE 10. COMMON STOCK AND EARNINGS PER SHARE (Continued)
Reconciliation of Basic and Diluted
 
 
 
Earnings Per Share
 

Dilutive

 

Year Ended December 31
Basic

Securities

Diluted

Millions Except Per Share Amounts
 
 
 
2019
 
 
 
Net Income Attributable to ALLETE

$185.6

 

$185.6

Average Common Shares
51.6

0.1

51.7

Earnings Per Share

$3.59

 

$3.59

2018
 
 
 
Net Income Attributable to ALLETE

$174.1

 

$174.1

Average Common Shares
51.3

0.2

51.5

Earnings Per Share

$3.39

 

$3.38

2017
 
 
 
Net Income Attributable to ALLETE

$172.2

 

$172.2

Average Common Shares
50.8

0.2

51.0

Earnings Per Share

$3.39

 

$3.38