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 millions, except per share amounts) 1999 1998 1999 1998
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BASIC EARNINGS PER SHARE (EPS)1
Earnings available for common stock $ 183 $ 210 $ 519 $ 523
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Average common shares outstanding 367 382 369 382
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Basic EPS $ 0.50 $ 0.55 $ 1.41 $ 1.37
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DILUTED EARNINGS PER SHARE (EPS)1
Earnings available for common stock $ 183 $ 210 $ 519 $ 523
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Average common shares outstanding 367 382 369 382
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 1
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Average common shares outstanding as
adjusted 368 383 370 383
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Diluted EPS $ 0.50 $ 0.55 $ 1.40 $ 1.37
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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.