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) 1999 1998 1999 1998
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BASIC EARNINGS PER SHARE (EPS)/1/
Earnings available for common stock $ (611) $ 196 $ (73) $ 719
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Average common shares outstanding/2/ 366 383 368 382
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Basic EPS $ (1.67) $ 0.51 $ (0.20) $ 1.88
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DILUTED EARNINGS PER SHARE (EPS)/1/
Earnings available for common stock $ (611) $ 196 $ (73) $ 719
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Average common shares outstanding 366 383 368 382
Add: outstanding options, reduced by the
number of shares that could be
repurchased with the proceeds from
such exercise (at average market price) - 1 1 1
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Average common shares outstanding as
adjusted 366 384 369 383
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Diluted EPS $ (1.67) $ 0.51 $ (0.20) $ 1.88
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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 (23,815,000 shares at December 31, 1999) and shares held
by the Company to secure deferred compensation obligations (281,985 shares
at December 31, 1999).