EXHIBIT 11
PG&E CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
|
|
Three months ended |
Nine months ended |
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|
September 30, |
September 30, |
|||||||||
|
2001 |
2000 |
2001 |
2000 |
|||||||
|
Income from continuing operations |
$ |
771 |
$ |
244 |
$ |
570 |
$ |
772 |
||
|
Discontinued operations |
- |
(19) |
- |
(19) |
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|
Net income |
$ |
771 |
$ |
225 |
$ |
570 |
$ |
753 |
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|
Weighted average common shares outstanding (2) |
363 |
362 |
363 |
361 |
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|
Add: |
Outstanding options, reduced by the number of shares that could be repurchased with the proceeds from such exercise (at average market price) |
|
|
|
|
|||||
|
Shares outstanding for diluted calculation |
364 |
365 |
363 |
363 |
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|
EARNINGS (LOSS) PER COMMON SHARE, BASIC (1) |
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|
Income from continuing operations |
$ |
2.12 |
$ |
0.67 |
$ |
1.57 |
$ |
2.14 |
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|
Discontinued operations |
- |
(0.05) |
- |
(0.05) |
||||||
|
Net earnings |
2.12 |
0.62 |
1.57 |
2.09 |
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|
EARNINGS (LOSS) PER COMMON SHARE, DILUTED (1) |
||||||||||
|
Income from continuing operations |
$ |
2.12 |
$ |
0.67 |
$ |
1.57 |
$ |
2.12 |
||
|
Discontinued operations |
- |
(0.05) |
- |
(0.05) |
||||||
|
Net earnings |
$ |
2.12 |
$ |
0.62 |
$ |
1.57 |
$ |
2.07 |
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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 September 30, 2000 and 2001) and shares held by the Company PG&E Corporation to secure deferred compensation obligations (281,985 shares at September 30, 2000 and 2001,).