EX-11 29 dex11.txt COMPUTATION OF EARNINGS PER COMMON SHARE EXHIBIT 11 PG&E CORPORATION COMPUTATION OF EARNINGS PER COMMON SHARE
----------------------------------------------------------------------------------- Three months ended Twelve months ended December 31, December 31, ---------------- ------------------ (in millions, except per share amounts) 2000 1999 2000 1999 ----------------------------------------------------------------------------------- BASIC EARNINGS PER SHARE (EPS)/1/ Earnings available for common stock $(4,117) $ (611) $(3,364) $ (73) ======= ====== ======= ====== Average common shares outstanding/2/ 363 366 362 368 ======= ====== ======= ====== Basic EPS $ (1.34) $(1.67) $ (9.29) $(0.20) ======= ====== ======= ====== DILUTED EARNINGS PER SHARE (EPS)/1/ Earnings available for common stock $(4,117) $ (611) $(3,364) $ (73) ======= ====== ======= ====== Average common shares outstanding 363 366 362 368 Add: outstanding options, reduced by the number of shares that could be repurchased with the proceeds from such exercise (at average market price) 3 - 2 1 ------- ------ ------- ------ Average common shares outstanding as adjusted 366 366 364 369 ======= ====== ======= ====== Diluted EPS $(11.25) (1.67) $ (9.24) $(0.20) ======= ====== ======= ====== -----------------------------------------------------------------------------------
/1/ This presentation is submitted in accordance with Item 601(b)(11) of Regulation S-K and Statement of Financial Accounting Standards No. 128. /2/ Average common shares outstanding exclude shares held by a subsidiary of PG&E Corporation (23,815,500 shares at December 31, 1999 and 2000, respectively) and shares held by the Company to secure deferred compensation obligations (281,985 shares at December 31, 1999 and 2000, respectively).