EXHIBIT 11

PG&E CORPORATION

COMPUTATION OF EARNINGS PER COMMON SHARE

	Three Months Ended
	March 31,
(in millions, except per share amounts)	2009		2008
Income Available for Common Shareholders	$	241	$	224
Less: distributed earnings to common shareholders		154		139
Undistributed earnings	$	87	$	85
Common shareholders earnings
Basic
Distributed earnings to common shareholders	$	154	$	139
Undistributed earnings allocated to common shareholders		83		81
Total common shareholders earnings, basic	$	237	$	220
Diluted
Distributed earnings to common shareholders	$	154	$	139
Undistributed earnings allocated to common shareholders		83		81
Total common shareholders earnings, diluted	$	237	$	220
Weighted average common shares outstanding, basic		364		355
9.50% Convertible Subordinated Notes		17		19
Weighted average common shares outstanding and participating securities, basic		381		374
Weighted average common shares outstanding, basic		364		355
Employee share-based compensation		2		1
Weighted average common shares outstanding, diluted		366		356
9.50% Convertible Subordinated Notes		17		19
Weighted average common shares outstanding and participating securities, diluted		383		375
Net earnings per common share, basic
Distributed earnings, basic (1)	$	0.42	$	0.39
Undistributed earnings, basic		0.23		0.23
Total	$	0.65	$	0.62
Net earnings per common share, diluted
Distributed earnings, diluted	$	0.42	$	0.39
Undistributed earnings, diluted		0.23		0.23
Total	$	0.65	$	0.62
(1) Distributed earnings, basic may differ from actual per share amounts paid as dividends, as the EPS computation under GAAP requires the use of the weighted average, rather than the actual number of, shares outstanding.