EXHIBIT 11
PACIFIC GAS AND ELECTRIC COMPANY
COMPUTATION OF EARNINGS PER COMMON SHARE
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Three months ended March 31,
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(in thousands, except per share amounts) 1995 1994
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EARNINGS PER COMMON SHARE (EPS) AS SHOWN
IN THE STATEMENT OF CONSOLIDATED INCOME
Net income $328,687 $236,952
Less preferred dividends 14,494 14,458
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Net income for calculating EPS for
Statement of Consolidated Income $314,193 $222,494
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Average common shares outstanding 430,086 428,531
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EPS as shown in the Statement of
Consolidated Income $ .73 $ .52
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PRIMARY EPS (1)
Net income $328,687 $236,952
Less preferred dividends 14,494 14,458
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Net income for calculating primary EPS $314,193 $222,494
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Average common shares outstanding 430,086 428,531
Add exercise of options, reduced by the
number of shares that could have been
purchased with the proceeds from
such exercise (at average market price) 46 1,262
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Average common shares outstanding as
adjusted 430,132 429,793
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Primary EPS $ .73 $ .52
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FULLY DILUTED EPS (1)
Net income $328,687 $236,952
Less preferred dividends 14,494 14,458
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Net income for calculating fully diluted EPS $314,193 $222,494
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Average common shares outstanding 430,086 428,531
Add exercise of options, reduced by the
number of shares that could have been
purchased with the proceeds from such
exercise (at the greater of average or
ending market price) 46 1,262
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Average common shares outstanding as
adjusted 430,132 429,793
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Fully diluted EPS $ .73 $ .52
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<FN>
(1) This presentation is submitted in accordance with Item 601(b)(11) of Regulation S-K.
This presentation is not required by APB Opinion No. 15, because it results in dilution
of less than 3%.