EXHIBIT 11
PACIFIC GAS AND ELECTRIC COMPANY
COMPUTATION OF EARNINGS PER COMMON SHARE
(unaudited)
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Three months ended Six months ended
June 30, June 30,
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(in thousands, except per share amounts) 1995 1994 1995 1994
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EARNINGS PER COMMON SHARE (EPS) AS SHOWN
IN THE STATEMENT OF CONSOLIDATED INCOME
Net income $405,520 $241,365 $734,207 $478,317
Less preferred dividends 14,494 14,362 28,988 28,820
Net income for calculating EPS for -------- -------- -------- --------
Statement of Consolidated Income $391,026 $227,003 $705,219 $449,497
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Average common shares outstanding 426,621 429,762 428,344 429,150
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EPS as shown in the Statement of
Consolidated Income $ .92 $ .53 $ 1.65 $ 1.05
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PRIMARY EPS (1)
Net income $405,520 $241,365 $734,207 $478,317
Less: preferred dividends 14,494 14,362 28,988 28,820
amortization of premium on preferred
stock redemption 1,167 1,167
-------- -------- -------- --------
Net income for calculating primary EPS $389,859 $227,003 $704,052 $449,497
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Average common shares outstanding 426,621 429,762 428,344 429,150
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) 133 520 88 626
-------- -------- -------- --------
Average common shares outstanding as
adjusted 426,754 430,282 428,432 429,776
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Primary EPS $ .91 $ .53 $ 1.64 $ 1.05
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FULLY DILUTED EPS (1)
Net income $405,520 $241,365 $734,207 $478,317
Less: preferred dividends 14,494 14,362 28,988 28,820
amortization of premium preferred
stock redemption 1,167 1,167
-------- -------- -------- --------
Net income for calculating fully diluted EPS $389,859 $227,003 $704,052 $449,497
======== ======== ======== ========
Average common shares outstanding 426,621 429,762 428,344 429,150
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) 184 520 184 626
-------- -------- -------- --------
Average common shares outstanding as
adjusted 426,805 430,282 428,528 429,776
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Fully diluted EPS $ .91 $ .53 $ 1.64 $ 1.05
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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%.