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