EX-11 8 dex11.htm COMPUTATION OF EARNINGS PER COMMON SHARE Prepared by R.R. Donnelley Financial -- Computation of Earnings Per Common Share
 
EXHIBIT 11
 
PG&E CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
 
    
Three Months Ended December 31,
     
Twelve Months Ended December 31,
  
(in millions, except per share amounts)
   
2001
   
2000
     
2001
   
2000
  
BASIC EARNINGS PER SHARE (EPS)(1)
                                
Earnings available for common stock
   
$
529
   
$
(4,117
)
   
$
1,099
   
$
(3,364
)
    
  
  
  
Weighted average common shares outstanding(2)
   
 
363
   
 
363
 
   
 
363
   
 
362
 
    
  
  
  
Basic EPS
   
$
1.46
   
$
(11.34
)
   
$
3.03
   
$
(9.29
)
    
  
  
  
DILUTED EARNINGS PER SHARE (EPS)(1)
                                
Earnings available for common stock
   
$
529
   
$
(4,117
)
   
$
1,099
   
$
(3,364
)
    
  
  
  
Weighted average common shares outstanding
   
 
363
   
 
363
 
   
 
363
   
 
362
 
Add: outstanding options, reduced by the number of shares that could be repurchased with the proceeds from such exercise (at average market price)
   
 
3
   
 
—
 
   
 
1
   
 
—
 
    
  
  
  
Weighted average common shares outstanding as adjusted
   
 
366
   
 
363
 
   
 
364
   
 
362
 
    
  
  
  
Diluted EPS(3)
   
$
1.45
   
$
(11.34
)
   
$
3.02
   
$
(9.29
)
    
  
  
  
(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)
 
Weighted average common shares outstanding exclude shares held by a subsidiary of PG&E Corporation (23,815,500 shares at December 31, 2001 and 2000, respectively) and shares held by the Company in a trust to secure deferred compensation obligations (281,985 shares at December 31, 2001 and 2000, respectively).
 
(3)
 
The diluted shares for the three months and year ended December 31, 2000 exclude 3 million and 2 million shares, respectively, due to the anti-dilution effects of the loss from continuing operations.

1