Earnings Per Share (Notes)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

Basic earnings (loss) per share is computed based on the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed using the weighted average number of common shares outstanding and the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares consist of: (1) employee stock purchase plan shares; (2) unvested time-based and performance-based restricted stock units along with associated dividend equivalent rights; and (3) shares issuable pursuant to an equity forward sale agreement (EFSA). See Note 6, Equity, for additional information on the EFSA and its impact on earnings per share. Unvested performance-based restricted stock units and associated dividend equivalent rights are included in dilutive potential common shares only after the performance criteria has been met. For the three and six month periods ended June 30, 2013 and 2012, unvested performance-based restricted stock units and related dividend equivalent rights of 435,224 and 466,624, respectively, were excluded from the dilutive calculation because the performance goals had not been met.

Due to PGE’s net loss position for the three months ended June 30, 2013, shares of approximately 228,000 related to shares issuable pursuant to the EFSA and unvested restricted stock units shares were excluded from the diluted weighted average common shares outstanding as their effect would have been anti-dilutive.

Components of basic and diluted earnings (loss) per share were as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2013			2012		2013		2012
Numerator (in millions):
Net income (loss) attributable to Portland General Electric Company common shareholders	$	(22	)	$	26	$	27	$	75
Denominator (in thousands):
Weighted-average common shares outstanding—basic	75,935			75,507		75,772		75,465
Dilutive effect of shares issuable pursuant to the EFSA, unvested restricted stock units, and employee stock purchase plan shares	—			10		121		14
Weighted-average common shares outstanding—diluted	75,935			75,517		75,893		75,479
Earnings (loss) per share—basic and diluted	$	(0.29	)	$	0.34	$	0.36	$	0.99

Basic and diluted earnings (loss) per share amounts are calculated based on actual amounts rather than the rounded amounts presented in the table above and on the condensed consolidated statements of operations. Accordingly, calculations using the rounded amounts presented for net income and weighted average shares outstanding may yield results that vary from the earnings per share amounts presented in the table above.