EXHIBIT 11
PG&E CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE

	Three Months Ended
	March 31,
(in millions, except share amounts)		2006		2005
Net income	$	214	$	218
Less: distributed earnings to common shareholders		114		111
Undistributed earnings		100		107
Common shareholders earnings
Basic
Distributed earnings to common shareholders	$	114	$	111
Undistributed earnings allocated to common shareholders		95		102
Total common shareholders earnings, basic	$	209	$	213
Diluted
Distributed earnings to common shareholders	$	114	$	111
Undistributed earnings allocated to common shareholders		95		102
Total common shareholders earnings, diluted	$	209	$	213
Weighted average common shares outstanding, basic		344		388
9.50% Convertible Subordinated Notes		19		19
Weighted average common shares outstanding and participating securities, basic		363		407
Weighted average common shares outstanding, basic		344		388
Employee share-based compensation and accelerated share repurchase program (1)		5		4
Weighted average common shares outstanding, diluted		349		392
9.50% Convertible Subordinated Notes		19		19
Weighted average common shares outstanding and participating securities, diluted		368		411
Net earnings per common share, basic
Distributed earnings, basic	$	0.33	$	0.29
Undistributed earnings, basic		0.28		0.26
Total	$	0.61	$	0.55
Net earnings per common share, diluted
Distributed earnings, diluted	$	0.33	$	0.28
Undistributed earnings, diluted		0.27		0.26
Total	$	0.60	$	0.54
(1) Includes approximately 1.3 million PG&E Corporation common shares potentially issuable in settlement of an approximately $49.6 million obligation under an ASR at March 31, 2006 and approximately 1.5 million shares in relation to the settlement of the share forward agreement of the ASR on March 28, 2006. The remaining approximately 3 million shares at March 31, 2006 are deemed to be outstanding per SFAS No. 128 for the purpose of calculating EPS.