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Equity (Notes)
9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Equity
EQUITY

The activity in equity during the nine months ended September 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
143,833

 
1

 

 

 
1

Stock-based compensation

 
3

 

 

 
3

Dividends declared

 

 

 
(75
)
 
(75
)
Net income

 

 

 
121

 
121

Balances as of September 30, 2015
88,772,172

 
$
1,193

 
$
(7
)
 
$
1,046

 
$
2,232

 
 
 
 
 
 
 
 
 
 
Balances as of December 31, 2013
78,085,559

 
$
911

 
$
(5
)
 
$
913

 
$
1,819

Issuances of shares pursuant to equity-based plans
123,869

 
1

 

 

 
1

Stock-based compensation

 
4

 

 

 
4

Dividends declared

 

 

 
(67
)
 
(67
)
Net income

 

 

 
132

 
132

Balances as of September 30, 2014
78,209,428

 
$
916

 
$
(5
)
 
$
978

 
$
1,889



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).