Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Reconciliation of PG&E Corporation's Income Available for Common Shareholders and Weighted Average Shares of Common Stock Outstanding for Calculating Basic EPS

	Three Months Ended June  30,				Six Months Ended June  30,
(in millions, except per share amounts)	2011		2010		2011		2010
Basic
Income available for common shareholders		$   362		$ 333		$  561		$ 591
Less: distributed earnings to common shareholders		-		178		-		347
Undistributed earnings		$     -(2)		$ 155		$     -(2)		$ 244
Allocation of undistributed earnings to common shareholders
Distributed earnings to common shareholders		$       -		$ 178		$       -		$ 347
Undistributed earnings allocated to common shareholders		-		149		-		234
Total common shareholders earnings		$     -(2)		$ 327		$   -(2)		$ 581
Weighted average common shares outstanding, basic		399		373		397		372
Convertible subordinated notes		-		15		-		16
Weighted average common shares outstanding and participating securities		399		388		397		388
Net earnings per common share, basic
Distributed earnings, basic (1)		-(2)		$ 0.48		-(2)		$ 0.93
Undistributed earnings, basic		-(2)		0.40		-(2)		0.63
Total		$  0.91		$ 0.88		$ 1.41		$ 1.56

⁽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.

⁽²⁾ EPS for 2011 was calculated by dividing the income available for common shareholders by the weighted average number of common shares outstanding.

Reconciliation of PG&E Corporation's Income Available for Common Shareholders and Weighted Average Shares of Common Stock Outstanding for Calculating Diluted EPS

(in millions, except per share amounts)	Three Months Ended   June 30, 2011		Six Months Ended   June 30, 2011
Diluted
Income available for common shareholders		$  362		$  561
Weighted average common shares outstanding, basic		399		397
Add incremental shares from assumed conversions:
Employee share-based compensation		1		2
Weighted average common shares outstanding, diluted		400		399
Total earnings per common share, diluted		$  0.91		$  1.41

(in millions, except per share amounts)	Three Months Ended   June 30, 2010		Six Months Ended   June 30, 2010
Diluted
Income available for common shareholders		$  333		$  591
Add earnings impact of assumed conversion of participating securities:
Interest expense on convertible subordinated notes, net of tax		4		8
Income available for common shareholders and assumed conversion		$  337		$  599
Weighted average common shares outstanding, basic		373		372
Add incremental shares from assumed conversions:
Convertible subordinated notes		15		16
Employee share-based compensation		2		1
Weighted average common shares outstanding, diluted		390		389
Total earnings per common share, diluted		$  0.86		$  1.54