EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

PG&E Corporation’s basic earnings per common share (“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 September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2022		2021		2022		2021
Income (loss) available for common shareholders	$	456	$	(1,091)	$	1,287	$	(574)
Weighted average common shares outstanding, basic	1,987		1,985		1,987		1,985
Add incremental shares from assumed conversions:
Employee share-based compensation	8		—		8		—
Equity Units	137		—		137		—
Weighted average common shares outstanding, diluted	2,132		1,985		2,132		1,985
Total income (loss) per common share, diluted	$	0.21	$	(0.55)	$	0.60	$	(0.29)

All potentially dilutive securities were excluded from the calculation of outstanding common shares on a diluted basis in periods where PG&E Corporation has incurred a net loss.

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.