EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

PG&E Corporation’s basic EPS is calculated by dividing the income available for common shareholders by the weighted average number of common shares outstanding. PG&E Corporation applies the treasury stock method of reflecting the dilutive effect of outstanding share-based compensation in the calculation of diluted EPS. The following is a reconciliation of PG&E Corporation’s income available for common shareholders and weighted average common shares outstanding for calculating diluted EPS:


	Three Months Ended March 31,
(in millions, except per share amounts)	2025		2024
Income available for common shareholders	$	607	$	732
Weighted average common shares outstanding, basic(1)	2,195		2,134
Add incremental shares from assumed conversions:
Employee share-based compensation	5		5

Weighted average common shares outstanding, diluted	2,200		2,139
Total income per common share, diluted	$	0.28	$	0.34

(1) Excludes 477,743,590 shares of PG&E Corporation common stock held by the Utility.

For each of the periods presented above, the calculation of outstanding common shares on a diluted basis excluded an insignificant amount of options and securities that were antidilutive. For the three months ended March 31, 2025, the calculation of outstanding common shares on a diluted basis excluded the impacts of the mandatory convertible preferred stock, which was antidilutive.