EXHIBIT 11 PG&E CORPORATION COMPUTATION OF EARNINGS PER COMMON SHARE - ----------------------------------------------------------------------------------------- Three Months Ended March 31, ---------------------------------- (in millions, except per share amounts) 2000 1999 - ----------------------------------------------------------------------------------------- BASIC EARNINGS PER SHARE (EPS) (1) Earnings available for common stock $ 280 $ 171 ======== ======== Average common shares outstanding 361 373 ======== ======== Basic EPS $ .78 $ .46 ======== ======== DILUTED EARNINGS PER SHARE (EPS) (1) Earnings available for common stock $ 280 $ 171 Less: assumed cash settlement of forward contract that may be settled in Company stock or cash - 19 -------- -------- Earnings available for common stock as adjusted 280 152 ======== ======== Average common shares outstanding 361 373 Add: outstanding options, reduced by the number of shares that could be repurchased with the proceeds from such exercise (at average market price) 1 2 -------- -------- Average common shares outstanding as adjusted 362 375 ======== ======== Diluted EPS $ .77 $ .40 ======== ======== - ----------------------------------------------------------------------------------------- <FN> (1) This presentation is submitted in accordance with Item 601(b)(11) of Regulation S-K and Statement of Financial Accounting Standards No. 128.