Pacific Gas & Electric (PCG+A) 10-Q2003 Q3 Quarterly report

Filed: 12 Nov 03, 12:00am

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New words: accommodate, actionarising, adjacent, Aglet, agreeable, agricultural, ahead, aid, Alliance, alloca, Amer, AmerenUE, ap, ard, ation, ballot, Bankrupt, beg, behavior, betwee, ble, Bo, bullet, calc, capability, CCSF, CERCLA, claimsfor, condu, conso, consolidat, Courtby, CPU, ct, cy, database, debit, deceit, Delaware, depository, designee, dissolving, djustment, domestic, drop, duration, duty, ember, eneration, environmen, ettlement, expert, fi, fiduciary, frequency, FuelCo, GTNW, ica, inNEGT, intrastate, investee, ive, jury, justifiable, kV, larger, lidation, Livermore, Loretta, Lynch, misidentified, Modesto, nat, Native, NEGT, opposition, oration, overbroad, paidapproximately, pen, perior, Pleasanton, pr, preside, previo, proportion, propriately, providedthat, prudence, quantitiesin, Ramon, random, ranking, reassert, reinsurance, rement, reply, requi, requireme, resort, reward, safe, seller, Sept, shelf, ship, smaller, southwest, ssil, storm, succeeding, takeover, tal, team, temporarily, thatcurrently, Tier, TRO, turnover, TXU, ulation, unavoidable, unde, underpayment, unearned, unenforcea, unexpected, ural, urt, usly, ve, withdrew

Removed: abate, absence, accrual, accurate, accurately, achievable, acquired, adequate, agency, aggregation, air, appointment, aquatic, ARA, arbitration, arise, artificially, ash, assure, Attala, Baja, bar, belief, belong, body, book, Brayton, bring, broker, building, bulk, CAA, Caledonia, Calpine, capitalizing, carbon, challenge, chief, citizen, Clara, coal, collateralize, combustion, commencement, Commonwealth, compel, compensatory, congestion, connected, consumption, contracted, contractor, Conversely, coordinated, Covert, creating, credible, creditworthy, Creek, cured, curve, cycle, deadline, decree, defend, DEP, design, detail, dioxide, disgorgement, distributed, divesting, downgrade, DTE, DTSC, eliminating, emergency, emission, enable, engineering, entitledCity, entitledCynthia, EPA, escalating, estimation, excessively, exercised, expend, expensed, experienced, exploring, expressly, federally, fee, fiscal, forthcoming, fraction, frozen, grid, GTN, Harbor, Harquahala, Hope, impacting, imposing, imposition, independently, Indian, installation, intelligence, intention, intermediate, interpolation, involving, Island, Jersey, La, Lake, leaseback, leased, lender, Liberty, license, Los, MACT, maintained, Manchester, Mantua, margin, marginal, marketing, mentioned, mercury, Millennium, Mitsubishi, Mount, MPS, nationwide, negotiation, newer, nitrogen, nonpayment, nonperformance, notified, NRC, Obispo, officer, OII, omitting, oppose, oxide, Paloma, performing, PG, point, policy, precluded, preempted, prepaid, presence, promulgated, propose, purportedly, pursuing, reach, realized, receipt, receiver, reciprocating, recognizing, recourse, reinstatement, rely, remanded, remanding, removing, reservation, Rhode, ringfencing, Road, Salem, Santa, satisfaction, servicing, setting, settled, Shaw, Southaven, spark, spend, stating, Street, stringent, substantive, substitute, sulfur, suspend, sustained, technical, terminated, thermal, threatened, title, Toxic, turbine, type, uncollectible, undertaken, undivided, unfair, vary, vigorously, violated, virtue, waste, wastewater, wind, working, wrongfully, wrote

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EXHIBIT 11
PG&E CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE

			Three months ended				Nine months ended
(in millions, except per share amounts)			September 30,				September 30,

			2003		2002⁽¹⁾		2003		2002⁽¹⁾


Income from continuing operations			$	508	$	479	$	754	$	1,532
Discontinued operations				2		(13)		(365)		(156)

Net income before cumulative effect of changes
	in accounting principles		510		466		389		1,376
Cumulative effect of changes in accounting principles			-		-		(6)		(61)

Net Income			510		466		383		1,315
Interest expense on 9.5% Convertible Subordinated Notes			4		3		12		4

Net Income for Diluted Calculations			$	514	$	469	$	395	$	1,319




Weighted average common shares outstanding, basic⁽²⁾			387		373		384		368
Add:		Employee stock options and PG&E Corporation
		shares held by grantor trusts	5		-		2		2
		PG&E Corporation Warrants	5		3		5		1
		9.5% Convertible Subordinated Notes	19		19		19		7

Shares outstanding for diluted calculations			416		395		410		378



Earnings Per Common Share, Basic
Income from continuing operations			$	1.31	$	1.28	$	1.96	$	4.16
Discontinued operations			0.01		(0.03)		(0.95)		(0.42)
Cumulative effect of changes in accounting principles			-		-		(0.01)		(0.17)

Net earnings			$	1.32	$	1.25	$	1.00	$	3.57



Earnings Per Common Share, Diluted
Income from continuing operations			$	1.24	$	1.22	$	1.86	$	4.06
Discontinued operations			-		(0.03)		(0.89)		(0.41)
Cumulative effect of changes in accounting principles			-		-		(0.01)		(0.16)

Net earnings			$	1.24	$	1.19	$	0.96	$	3.49

(1) Prior period amounts of NEGT, Inc. have been reclassified to discontinued operations.

(2) Weighted average common shares outstanding exclude shares held by a subsidiary of PG&E Corporation (23,815,500 shares at September 30, 2003 and 2002) and PG&E Corporation shares held by grantor trusts to secure deferred compensation obligations (281,985 shares at September 30, 2003 and 2002).