EQUITY

PG&E Corporation’s changes in equity for the three months ended March 31, 2019 and 2018 were as follows:



(in millions, except share amounts)	Common Stock Shares	Common Stock Amount		Reinvested Earnings			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity		Non controlling Interest - Preferred Stock of Subsidiary		Total Equity
Balance at December 31, 2018	520,338,710	$	12,910	$	(250	)	$	(9	)	$	12,651	$	252	$	12,903
Net income (loss)	—	—		136			—			136		—		136
Other comprehensive loss	—	—		—			—			—		—		—
Common stock issued, net	8,871,568	85		—			—			85		—		85
Stock-based compensation amortization	—	5		—			—			5		—		5
Balance at March 31, 2019	529,210,278	$	13,000	$	(114	)	$	(9	)	$	12,877	$	252	$	13,129



(in millions, except share amounts)	Common Stock Shares	Common Stock Amount		Reinvested Earnings			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity			Non controlling Interest - Preferred Stock of Subsidiary		Total Equity
Balance at December 31, 2017	514,775,845	$	12,632	$	6,596		$	(8	)	$	19,220		$	252	$	19,472
Net income	—	—		445			—			445			—		445
Other comprehensive income	—	—		—			—			—			—		—
Common stock issued, net	1,248,112	35		—			—			35			—		35
Stock-based compensation amortization	—	34		—			—			34			—		34
Preferred stock dividend requirement of subsidiary	—	—		(3		)	—			(3		)	—		(3		)
Balance at March 31, 2018	516,023,957	$	12,701	$	7,038		$	(8	)	$	19,731		$	252	$	19,983

The Utility’s changes in equity for the three months ended March 31, 2019 and 2018 were as follows:



(in millions)	Preferred Stock		Common Stock Amount		Additional Paid-in Capital		Reinvested Earnings		Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity
Balance at December 31, 2018	$	258	$	1,322	$	8,550	$	2,826	$	(1	)	$	12,955
Net income (loss)	—		—		—		133		—			133
Other comprehensive loss	—		—		—		—		—			—
Equity contribution	—		—		—		—		—			—
Preferred stock dividend	—		—		—		—		—			—
Balance at March 31, 2019	$	258	$	1,322	$	8,550	$	2,959	$	(1	)	$	13,088



(in millions)	Preferred Stock		Common Stock Amount		Additional Paid-in Capital		Reinvested Earnings			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity
Balance at December 31, 2017	258		1,322		8,505		9,656			6			$	19,747
Net income	—		—		—		452			—			452
Other comprehensive income	—		—		—		2			(2		)	—
Equity contribution	—		—		—		—			—			—
Common stock dividend	—		—		—		—			—			—
Preferred stock dividend	—		—		—		(3		)	—			(3		)
Balance at March 31, 2018	$	258	$	1,322	$	8,505	$	10,107		$	4		$	20,196

There were no issuances under the PG&E Corporation February 2017 equity distribution agreement for the three months ended March 31, 2019.

PG&E Corporation issued common stock under the PG&E Corporation 401(k) plan and share-based compensation plans. During the three months ended March 31, 2019, 8.9 million shares were issued for cash proceeds of $85 million under these plans. Beginning January 1, 2019 PG&E Corporation changed its default matching contributions under its 401(k) plan from PG&E Corporation common stock to cash. Beginning in March 2019, at PG&E Corporation’s directive, the 401(k) plan trustee began purchasing new shares in the PG&E Corporation common stock fund on the open market rather than directly from PG&E Corporation.

Dividends

On December 20, 2017, the Boards of Directors of PG&E Corporation and the Utility suspended quarterly cash dividends on both PG&E Corporation’s and the Utility’s common stock, beginning the fourth quarter of 2017, as well as the Utility’s preferred stock, beginning the three-month period ending January 31, 2018, due to the uncertainty related to the causes of and potential liabilities associated with the Northern California wildfires. See Wildfire-related contingencies in Note 10 below.

The DIP Credit Agreement includes usual and customary covenants for debtor-in-possession loan agreements of this type, including covenants limiting PG&E Corporation’s and the Utility’s ability to, among other things, declare and pay any dividend or make any other distributions with respect to any of their capital stock. Also, on April 3, 2019, the court overseeing the Utility’s probation issued an order imposing new conditions of probation, including foregoing issuing “any dividends until [the Utility] is in compliance with all applicable vegetation management requirements under applicable law and the Utility’s wildfire mitigation plan.” PG&E Corporation does not expect to pay any cash dividends during the Chapter 11 Cases.