EX-11 7 exhibit11.htm EXHIBIT 11 exhibit11.htm

Exhibit 11
 
PG&E CORPORATION
COMPUTATION OF EARNINGS PER SHARE

   
Three Months Ended
   
Six Months Ended
 
   
June 30,
   
June 30,
 
(in millions, except per share amounts)
 
2009
   
2008
   
2009
   
2008
 
Income Available for Common Shareholders
  $ 388     $ 293     $ 629     $ 517  
Less: distributed earnings to common shareholders
    155        139        309        278   
Undistributed earnings
  $ 233     $ 154     $ 320     $ 239  
Common shareholders earnings
                               
Basic
                               
Distributed earnings to common shareholders
  $ 155     $ 139     $ 309     $ 278  
Undistributed earnings allocated to common shareholders
    223        146        306        227   
Total common shareholders earnings, basic
  $ 378     $ 285     $ 615     $ 505  
Diluted
                               
Distributed earnings to common shareholders
  $ 155     $ 139     $ 309     $ 278  
Undistributed earnings allocated to common shareholders
    223        146        306        227   
Total common shareholders earnings, diluted
  $ 378     $ 285     $ 615     $ 505  
Weighted average common shares outstanding, basic
    368       356       366       355  
9.50% Convertible Subordinated Notes
    17        19        17        19   
Weighted average common shares outstanding and participating securities, basic
    385        375        383        374   
Weighted average common shares outstanding, basic
    368       356       366       355  
Employee share-based compensation
                       
Weighted average common shares outstanding, diluted
    369       357       367       356  
9.50% Convertible Subordinated Notes
    17        19        17        19   
Weighted average common shares outstanding and participating securities, diluted
    386        376        384        375   
Net earnings per common share, basic
                               
Distributed earnings, basic (1)
  $ 0.42     $ 0.39     $ 0.84     $ 0.78  
Undistributed earnings, basic
    0.61        0.41        0.84        0.64   
Total
  $ 1.03     $ 0.80     $ 1.68     $ 1.42  
Net earnings per common share, diluted
                               
Distributed earnings, diluted
  $ 0.42     $ 0.39     $ 0.84     $ 0.78  
Undistributed earnings, diluted
    0.60        0.41        0.83        0.64   
Total
  $ 1.02     $ 0.80     $ 1.67     $ 1.42  
   
(1) Distributed earnings, basic may differ from actual per share amounts paid as dividends, as the EPS computation under GAAP requires the use of the weighted average, rather than the actual, number of shares outstanding.