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EXHIBIT 11

PG&E CORPORATION
COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE

|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2004 |  | 2003 |  | 2002(1) |
|  | (in millions, except per share amounts) |
Income from continuing operations |  | $ | 3,820 |  | $ | 791 |  | $ | 1,723 |
Discontinued operations |  |  | 684 |  |  | (365 | ) |  | (2,536 | )
Net income (loss) before cumulative effect of changes in accounting principles |  |  | 4,504 |  |  | 426 |  |  | (813 | )
Cumulative effect of changes in accounting principles |  |  | — |  |  | (6 | ) |  | (61 | )
Net income (loss) for basic and diluted calculations |  |  | 4,504 |  |  | 420 |  |  | (874 | )
Earnings (loss) allocated to common shareholders, basic |  |  | 4,299 |  |  | 400 |  |  | (853 | )
Earnings (loss) allocated to 9.50% Convertible Subordinated Notes, basic |  |  | 205 |  |  | 20 |  |  | (21 | )
|  |  | 4,504 |  |  | 420 |  |  | (874 | )
Earnings (loss) allocated to common shareholders, diluted |  |  | 4,303 |  |  | 401 |  |  | (853 | )
Earnings (loss) allocated to 9.50% Convertible Subordinated Notes, diluted |  |  | 201 |  |  | 19 |  |  | (21 | )
|  |  | 4,504 |  |  | 420 |  |  | (874 | )
Weighted average common shares outstanding, basic(2) |  |  | 398 |  |  | 385 |  |  | 371 |
9.50% Convertible Subordinated Notes |  |  | 19 |  |  | 19 |  |  | 9 |
Weighted average common shares and participating securities, basic |  |  | 417 |  |  | 404 |  |  | 380 |
| Employee stock options, restricted stock, PG&E Corporation shares held by grantor trusts and accelerated share repurchase agreement(3) |  |  | 7 |  |  | 4 |  |  | 2 |
| PG&E Corporation Warrants |  |  | 2 |  |  | 5 |  |  | 2 |
Weighted average common shares outstanding and participating securities, diluted |  |  | 426 |  |  | 413 |  |  | 384 |
Earnings (Loss) Per Common Share, Basic |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 9.16 |  | $ | 1.96 |  | $ | 4.53 |
Discontinued operations |  |  | 1.64 |  |  | (0.90 | ) |  | (6.67 | )
Cumulative effect of changes in accounting principles |  |  | — |  |  | (0.01 | ) |  | (0.16 | )
Rounding |  |  | — |  |  | (0.01 | ) |  | — |
Net earnings (loss) per common share, basic |  | $ | 10.80 |  | $ | 1.04 |  | $ | (2.30 | )
Earnings (Loss) Per Common Share, Diluted |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 8.97 |  | $ | 1.92 |  | $ | 4.49 |
Discontinued operations |  |  | 1.60 |  |  | (0.88 | ) |  | (6.60 | )
Cumulative effect of changes in accounting principles |  |  | — |  |  | (0.01 | ) |  | (0.16 | )
Rounding |  |  | — |  |  | (0.01 | ) |  | — |
Net earnings (loss) per common share, diluted |  | $ | 10.57 |  | $ | 1.02 |  | $ | (2.27 | )

(1)
  Prior period amounts of NEGT, Inc. have been reclassified to discontinued operations.
(2)
  Weighted average common shares outstanding exclude shares held by a subsidiary of PG&E Corporation (24,665,500 at December 31, 2004 and 23,815,500 shares at December 31, 2003 and 2002) and PG&E Corporation shares held by grantor trusts to secure deferred compensation obligations (281,985 shares at December 31, 2004, 2003 and 2002).
(3)
  Includes approximately 222,000 shares of PG&E Corporation common stock potentially issuable in settlement of an obligation of PG&E Corporation of approximately $7.4 million under an accelerated share repurchase agreement at December 31, 2004.

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EXHIBIT 11

PG&E CORPORATION COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE