EXHIBIT 11
PG&E CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
- ----------------------------------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
-------------------- ------------------------
(in thousands, except per share amounts) 1997 1996 1997 1996
- ----------------------------------------------------------------------------------------------
EARNINGS PER COMMON SHARE (EPS) AS SHOWN
IN THE STATEMENT OF CONSOLIDATED INCOME
Net income for calculating EPS for
Statement of Consolidated Income $ 192,905 $ 103,502 $ 365,409 $ 355,928
========== ========== ========== ==========
Average common shares outstanding 397,677 415,125 403,072 414,738
========== ========== ========== ==========
EPS as shown in the Statement of
Consolidated Income $ 0.49 $ 0.25 $ 0.91 $ 0.86
========== ========== ========== ==========
PRIMARY EPS (1)
Net income for calculating primary EPS $ 192,905 $ 103,502 $ 365,409 $ 355,928
========== ========== ========== ==========
Average common shares outstanding 397,677 415,125 403,072 414,738
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) 141 8 108 20
---------- ---------- ---------- ----------
Average common shares outstanding as
adjusted 397,818 415,133 403,180 414,758
========== ========== ========== ==========
Primary EPS $ 0.49 $ 0.25 $ 0.91 $ 0.86
========== ========== ========== ==========
FULLY DILUTED EPS (1)
Net income for calculating fully diluted EPS $ 192,905 $ 103,502 $ 365,409 $ 355,928
========== ========== ========== ==========
Average common shares outstanding 397,677 415,125 403,072 414,738
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) 196 9 196 20
---------- ---------- ---------- ----------
Average common shares outstanding as
adjusted 397,873 415,134 403,268 414,758
========== ========== ========== ==========
Fully diluted EPS $ 0.49 $ 0.25 $ 0.91 $ 0.86
========== ========== ========== ==========
- ----------------------------------------------------------------------------------------------
<FN>
(1) This presentation is submitted in accordance with Item 601(b)(11) of Regulation S-K.
This presentation is not required by Accounting Principles Board Opinion No. 15, because it
results in dilution of less than 3%.