EXHIBIT 11
PG&E CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
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Three months ended Twelve months ended
December 31, December 31,
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(in millions, except per share amounts) 2000 1999 2000 1999
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BASIC EARNINGS PER SHARE (EPS)/1/
Earnings available for common stock $(4,117) $ (611) $(3,364) $ (73)
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Average common shares outstanding/2/ 363 366 362 368
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Basic EPS $ (1.34) $(1.67) $ (9.29) $(0.20)
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DILUTED EARNINGS PER SHARE (EPS)/1/
Earnings available for common stock $(4,117) $ (611) $(3,364) $ (73)
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Average common shares outstanding 363 366 362 368
Add: outstanding options, reduced by the
number of shares that could be
repurchased with the proceeds from
such exercise (at average market price) 3 - 2 1
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Average common shares outstanding as
adjusted 366 366 364 369
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Diluted EPS $(11.25) (1.67) $ (9.24) $(0.20)
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/1/ This presentation is submitted in accordance with Item 601(b)(11) of
Regulation S-K and Statement of Financial Accounting Standards No. 128.
/2/ Average common shares outstanding exclude shares held by a subsidiary of
PG&E Corporation (23,815,500 shares at December 31, 1999 and 2000,
respectively) and shares held by the Company to secure deferred
compensation obligations (281,985 shares at December 31, 1999 and 2000,
respectively).