EXHIBIT 11
PG&E CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
| Three months ended | Nine months ended | ||||||||
September 30, | September 30, | |||||||||
2001 | 2000 | 2001 | 2000 | |||||||
Income from continuing operations | $ | 771 | $ | 244 | $ | 570 | $ | 772 | ||
Discontinued operations | - | (19) | - | (19) | ||||||
Net income | $ | 771 | $ | 225 | $ | 570 | $ | 753 | ||
Weighted average common shares outstanding(2) | 363 | 362 | 363 | 361 | ||||||
Add: | Outstanding options, reduced by the number of shares that could be repurchased with the proceeds from such exercise (at average market price) |
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Shares outstanding for diluted calculation | 364 | 365 | 363 | 363 | ||||||
EARNINGS (LOSS) PER COMMON SHARE, BASIC(1) | ||||||||||
Income from continuing operations | $ | 2.12 | $ | 0.67 | $ | 1.57 | $ | 2.14 | ||
Discontinued operations | - | (0.05) | - | (0.05) | ||||||
Net earnings | 2.12 | 0.62 | 1.57 | 2.09 | ||||||
EARNINGS (LOSS) PER COMMON SHARE, DILUTED(1) | ||||||||||
Income from continuing operations | $ | 2.12 | $ | 0.67 | $ | 1.57 | $ | 2.12 | ||
Discontinued operations | - | (0.05) | - | (0.05) | ||||||
Net earnings | $ | 2.12 | $ | 0.62 | $ | 1.57 | $ | 2.07 |
(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 September 30, 2000 and 2001) and shares held by the Company PG&E Corporation to secure deferred compensation obligations (281,985 shares at September 30, 2000 and 2001,).