EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

PG&E Corporation’s basic EPS is calculated by dividing the income 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 available for common shareholders and weighted average common shares outstanding for calculating diluted EPS:


	Three Months Ended March 31,
(in millions, except per share amounts)	2024		2023
Income available for common shareholders	$	732	$	569
Weighted average common shares outstanding, basic	2,134		1,991
Add incremental shares from assumed conversions:
Employee share-based compensation	5		4
Equity Units	—		137
Weighted average common shares outstanding, diluted	2,139		2,132
Total income per common share, diluted	$	0.34	$	0.27

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, the Convertible Notes (as defined in Note 4) issued in December 2023 did not have a material impact on the calculation of diluted EPS.