EXHIBIT 11
PG&E CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
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Three months ended Six months ended
June 30, June 30,
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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 $ 180 $ 174 $ 336 $ 313
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Average common shares outstanding 367 382 370 382
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Basic EPS $ 0.49 $ 0.46 $ 0.91 $ 0.82
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DILUTED EARNINGS PER SHARE (EPS)1
Earnings available for common stock $ 180 $ 174 $ 336 $ 313
Less: assumed cash settlement of forward
contract that may be settled in Company
stock or cash 10 - 29 -
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Earnings available for common stock as
adjusted 170 174 307 313
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Average common shares outstanding 367 382 370 382
Add: outstanding options, reduced by the
number of shares that could be
repurchased with the proceeds from
such exercise (at average market price) 2 1 1 1
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Average common shares outstanding as
adjusted 369 383 371 383
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Diluted EPS $ 0.46 $ 0.46 $ 0.83 $ 0.82
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<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.