|
Three
Months Ended
|
||||||||
|
March
31,
|
||||||||
|
(in
millions, except share amounts)
|
2007
|
2006
|
||||||
|
Net
income
|
$ |
256
|
$ |
214
|
||||
|
Less:
distributed earnings to common shareholders
|
126
|
114
|
||||||
|
Undistributed
earnings
|
$ |
130
|
$ |
100
|
||||
|
Common
shareholders earnings
|
||||||||
|
Basic
|
||||||||
|
Distributed
earnings to common shareholders
|
$ |
126
|
$ |
114
|
||||
|
Undistributed
earnings allocated to common shareholders
|
123
|
95
|
||||||
|
Total
common shareholders earnings, basic
|
$ |
249
|
$ |
209
|
||||
|
Diluted
|
||||||||
|
Distributed
earnings to common shareholders
|
$ |
126
|
$ |
114
|
||||
|
Undistributed
earnings allocated to common shareholders
|
123
|
95
|
||||||
|
Total
common shareholders earnings, diluted
|
$ |
249
|
$ |
209
|
||||
|
Weighted
average common shares outstanding, basic
|
349
|
344
|
||||||
|
9.50%
Convertible Subordinated Notes
|
19
|
19
|
||||||
|
Weighted
average common shares outstanding and participating securities,
basic
|
368
|
363
|
||||||
|
Weighted
average common shares outstanding, basic
|
349
|
344
|
||||||
|
Employee
share-based compensation and accelerated share repurchase program(1)
|
2
|
5
|
||||||
|
Weighted
average common shares outstanding, diluted
|
351
|
349
|
||||||
|
9.50%
Convertible Subordinated Notes
|
19
|
19
|
||||||
|
Weighted
average common shares outstanding and participating securities,
diluted
|
370
|
368
|
||||||
|
Net
earnings per common share, basic
|
||||||||
|
Distributed
earnings, basic(2)
|
$ |
0.36
|
$ |
0.33
|
||||
|
Undistributed
earnings, basic
|
0.35
|
0.28
|
||||||
|
Total
|
$ |
0.71
|
$ |
0.61
|
||||
|
Net
earnings per common share, diluted
|
||||||||
|
Distributed
earnings, diluted
|
$ |
0.36
|
$ |
0.33
|
||||
|
Undistributed
earnings, diluted
|
0.35
|
0.27
|
||||||
|
Total
|
$ |
0.71
|
$ |
0.60
|
||||
|
(1) Includes
approximately 2.8 million shares of PG&E Corporation common stock
treated as outstanding in connection with accelerated share repurchases
for the three months ended March 31, 2006. The remaining shares of
approximately 2 million shares relate to share-based compensation
and are
deemed to be outstanding per SFAS No. 128 for the purpose of calculating
EPS. See Note 10 of the 2006 Annual Report.
|
||||||||
|
(2)“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.
|
||||||||