EXHIBIT 11
PG&E CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(in millions, except share amounts)			2005		2004		2005		2004
Net income		$	252	$	228	$	737	$	3,633
Less: distributed earnings to common shareholders			111		-		334		-
Undistributed earnings			141		228		403		3,633
Less: discontinued operations			13		-		13		-
Undistributed earnings from continuing operations		$	128	$	228	$	390	$	3,633
Common shareholders earnings
Basic
Distributed earnings to common shareholders		$	111	$	-	$	334	$	-
Undistributed earnings allocated to common shareholders - continuing operations			122		218		371		3,467
Undistributed earnings allocated to common shareholders - discontinued operations			12		-		12		-
Total common shareholders earnings, basic		$	245	$	218	$	717	$	3,467
Diluted
Distributed earnings to common shareholders		$	111	$	-	$	334	$	-
Undistributed earnings allocated to common shareholders - continuing operations			122		218		371		3,471
Undistributed earnings allocated to common shareholders - discontinued operations			12		-		12		-
Total common shareholders earnings, diluted		$	245	$	218	$	717	$	3,471
Weighted average common shares outstanding, basic			372		399		376		397
9.50% Convertible Subordinated Notes			19		19		19		19
Weighted average common shares outstanding and participating securities, basic			391		418		395		416
Weighted average common shares outstanding, basic			372		399		376		397
Employee stock-based compensation			4		7		4		6
PG&E Corporation warrants			-		2		-		3
Weighted average common shares outstanding, diluted (1)			376		408		380		406
9.50% Convertible Subordinated Notes			19		19		19		19
Weighted average common shares outstanding and participating securities, diluted			395		427		399		425
Net earnings per common share, basic
Distributed earnings, basic		$	0.30	$	-	$	0.89	$	-
Undistributed earnings - continuing operations, basic			0.33		0.55		0.99		8.73
Undistributed earnings - discontinued operations, basic			0.03		-		0.03		-
Total		$	0.66	$	0.55	$	1.91	$	8.73
Net earnings per common share, diluted
Distributed earnings, diluted		$	0.30	$	-	$	0.88	$	-
Undistributed earnings - continuing operations, diluted			0.32		0.53		0.98		8.55
Undistributed earnings - discontinued operations, diluted			0.03		-		0.03		-
Total		$	0.65	$	0.53	$	1.89	$	8.55
(1)	Options to purchase 23,000 PG&E Corporation common shares were outstanding during the three and nine months ended September 30, 2005 and, 7,705,881 and 8,045,805 for the three and nine months ended September 30, 2004, respectively, but not included in the computation of diluted earnings per common share because the option exercise prices were greater than the average market price.