EXHIBIT 11
PG&E CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
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Three months ended Nine months ended
September 30, September 30,
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(in thousands, except per share amounts) 1997 1996 1997 1996
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EARNINGS PER COMMON SHARE (EPS) AS SHOWN
IN THE STATEMENT OF CONSOLIDATED INCOME
Net income for calculating EPS for
Statement of Consolidated Income $ 256,645 $ 225,416 $ 622,053 $ 581,344
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Average common shares outstanding 414,358 411,759 406,875 413,738
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EPS as shown in the Statement of
Consolidated Income $ 0.62 $ 0.55 $ 1.53 $ 1.41
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PRIMARY EPS (1)
Net income for calculating primary EPS $ 256,645 $ 225,416 $ 622,053 $ 581,344
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Average common shares outstanding 414,358 411,759 406,875 413,738
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) 254 4 202 10
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Average common shares outstanding as
adjusted 414,612 411,763 407,077 413,748
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Primary EPS $ 0.62 $ 0.55 $ 1.53 $ 1.41
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FULLY DILUTED EPS (1)
Net income for calculating fully diluted EPS $ 256,645 $ 225,416 $ 622,053 $ 581,344
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Average common shares outstanding 414,358 411,759 406,875 413,738
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) 254 4 202 10
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Average common shares outstanding as
adjusted 414,612 411,763 407,077 413,748
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Fully diluted EPS $ 0.62 $ 0.55 $ 1.53 $ 1.41
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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 Accounting Principles Board Opinion No. 15, because it
results in dilution of less than 3%.