EXHIBIT 99.3
PG&E CORPORATION
| Year Ended December 31, | |||||||||||||
| 2003 | 2002(1) | 2001(1) | |||||||||||
| (in millions, except per share amounts) | |||||||||||||
| Income from continuing operations | $ | 791 | $ | 1,723 | $ | 1,021 | |||||||
| Discontinued operations | (365 | ) | (2,536 | ) | 69 | ||||||||
| Net income (loss) before cumulative effect of changes in accounting principles | 426 | (813 | ) | 1,090 | |||||||||
| Cumulative effect of changes in accounting principles | (6 | ) | (61 | ) | 9 | ||||||||
Net income (loss) for basic calculations | 420 | (874 | ) | 1,099 | |||||||||
| Earnings (loss) allocated to common shareholders, basic | 401 | (853 | ) | 1,099 | |||||||||
| Earnings (loss) allocated to 9.50% Convertible Subordinated Notes, basic | 19 | (21 | ) | – | |||||||||
Net income (loss) | 420 | (874 | ) | 1,099 | |||||||||
Weighted average common shares outstanding, basic(2) | 385 | 371 | 363 | ||||||||||
| 9.50% Convertible Subordinated Notes | 19 | 9 | – | ||||||||||
Weighted average common shares and participating securities, basic | 404 | 380 | 363 | ||||||||||
| Employee stock options and PG&E Corporation shares held by grantor trusts | 4 | 2 | 1 | ||||||||||
| PG&E Corporation Warrants | 5 | 2 | – | ||||||||||
Weighted average common shares outstanding and participating securities, diluted | 413 | 384 | 364 | ||||||||||
Earnings (Loss) Per Common Share, Basic | |||||||||||||
| Income (loss) from continuing operations | $ | 1.96 | $ | 4.53 | $ | 2.81 | |||||||
| Discontinued operations | (0.90 | ) | (6.67 | ) | 0.19 | ||||||||
| Cumulative effect of changes in accounting principles | (0.01 | ) | (0.16 | ) | 0.02 | ||||||||
| Rounding | (0.01 | ) | – | 0.01 | |||||||||
Net earnings (loss) | $ | 1.04 | $ | (2.30 | ) | $ | 3.03 | ||||||
Earnings Per Common Share, Diluted | |||||||||||||
| Income (loss) from continuing operations | $ | 1.92 | $ | 4.49 | $ | 2.80 | |||||||
| Discontinued operations | (0.88 | ) | (6.60 | ) | 0.19 | ||||||||
| Cumulative effect of changes in accounting principles | (0.01 | ) | (0.16 | ) | 0.02 | ||||||||
| Rounding | (0.01 | ) | – | 0.01 | |||||||||
Net earnings (loss) | $ | 1.02 | $ | (2.27 | ) | $ | 3.02 | ||||||
