Equity (Notes)

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Equity

EQUITY

The activity in equity during the six months ended June 30, 2015 and 2014 is as follows (dollars in millions):

	Common Stock			Accumulated Other Comprehensive Loss			Retained Earnings
	Shares	Amount								Total
Balances as of December 31, 2014	78,228,339	$	918	$	(7	)	$	1,000		$	1,911
Issuance of common stock, net of issuance costs of $12	10,400,000	271		—			—			271
Issuances of shares pursuant to equity-based plans	137,290	1		—			—			1
Stock-based compensation	—	1		—			—			1
Dividends declared	—	—		—			(48		)	(48		)
Net income	—	—		—			85			85
Balances as of June 30, 2015	88,765,629	$	1,191	$	(7	)	$	1,037		$	2,221
Balances as of December 31, 2013	78,085,559	$	911	$	(5	)	$	913		$	1,819
Issuances of shares pursuant to equity-based plans	116,682	—		—			—			—
Stock-based compensation	—	3		—			—			3
Dividends declared	—	—		—			(44		)	(44		)
Net income	—	—		—			93			93
Balances as of June 30, 2014	78,202,241	$	914	$	(5	)	$	962		$	1,871

During the second quarter of 2015, PGE physically settled in full the EFSA, with the issuance of 10,400,000 shares of common stock in exchange for net proceeds of $271 million. Prior to settlement, the potentially issuable shares pursuant to the EFSA were reflected in PGE’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of PGE’s common stock used in calculating diluted earnings per share for a reporting period are increased by the number of shares, if any, that would be issued upon physical settlement of the EFSA less the number of shares that could be purchased by PGE in the market with the proceeds received from issuance (based on the average market price during that reporting period).