EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

PG&E Corporation’s basic EPS is calculated by dividing the income (loss) available for common shareholders by the weighted average number of common shares outstanding. PG&E Corporation applies the treasury stock method of reflecting the dilutive effect of outstanding share-based compensation in the calculation of diluted EPS. The following is a reconciliation of PG&E Corporation’s income (loss) available for common shareholders and weighted average common shares outstanding for calculating diluted EPS for 2023, 2022, and 2021.


	Year Ended December 31,
(in millions, except per share amounts)	2023		2022		2021
Income (loss) available for common shareholders	$	2,242	$	1,800	$	(102)
Weighted average common shares outstanding, basic	2,064		1,987		1,985
Add incremental shares from assumed conversions:
Employee share-based compensation	6		8		—
Equity Units	68		137		—
Weighted average common shares outstanding, diluted	2,138		2,132		1,985
Total earnings (loss) per common share, diluted	$	1.05	$	0.84	$	(0.05)

For each of the periods presented above, the calculation of outstanding common shares on a diluted basis excluded an insignificant amount of options and securities that were antidilutive. In addition, as a result of an irrevocable election made on December 8, 2023 to fix the settlement method to combination settlement, the Convertible Notes (as defined in Note 4) did not have a material impact on the calculation of diluted EPS.