Exhibit 99.3
Reconciliation of GAAP Reported and Adjusted (non-GAAP)
Operating Earnings per Diluted Share
2000 GAAP Reported EPS | $ | 2.87 | ||
| Change in common shares | (1.06 | ) | ||
| Extraordinary items | (0.07 | ) | ||
| Cumulative effect of accounting change | 0.01 | |||
| Unicom pre-merger results | 1.58 | |||
| Merger-related costs | 0.68 | |||
| Pro forma merger accounting adjustments | (0.15 | ) | ||
2000 Adjusted (non-GAAP) Operating EPS | $ | 3.86 |
2001 GAAP Reported EPS | $ | 4.43 | ||
| Cumulative effect of adopting SFAS No. 133 | (0.04 | ) | ||
| Employee severance cost | 0.09 | |||
| Litigation reserves | 0.03 | |||
| Net loss on investments | 0.02 | |||
| CTC prepayment | (0.02 | ) | ||
| Wholesale rate settlement | (0.01 | ) | ||
| Settlement of transition bond swap | (0.01 | ) | ||
2001 Adjusted (non-GAAP) Operating EPS | $ | 4.49 |
2002 GAAP Reported EPS | $ | 4.44 | ||
| Cumulative effect of adopting SFAS No. 141 and No. 142 | 0.71 | |||
| Gain on sale of investment in AT&T Wireless | (0.36 | ) | ||
| Employee severance costs | 0.04 | |||
2002 Adjusted (non-GAAP) Operating EPS | $ | 4.83 |
2003 GAAP Reported EPS | $ | 2.75 | ||
| Boston Generating impairment | 1.74 | |||
| Charges associated with investment in Sithe Energies, Inc. | 0.55 | |||
| Severance | 0.49 | |||
| Cumulative effect of adopting SFAS No. 143 | (0.34 | ) | ||
| Property tax accrual reductions | (0.14 | ) | ||
| Enterprises’ Services goodwill impairment | 0.06 | |||
| Enterprises’ impairments due to anticipated sale | 0.06 | |||
| March 3 ComEd Settlement Agreement | 0.05 | |||
2003 Adjusted (non-GAAP) Operating EPS | $ | 5.22 |
Note:Three-year 2003/2000 compound annual growth rate (CAGR): $2.75/$2.87 = - -1.4% based on GAAP reported results. Three-year 2003/2000 CAGR: $5.22/$3.86 = 10.6% based on adjusted (non-GAAP) operating results.