|
Year
Ended December 31,
|
||||||||||
|
2006
|
2005
|
2004
|
||||||||
|
(in
millions, except per share amounts)
|
||||||||||
|
Net
Income
|
$
|
991
|
$
|
917
|
$
|
4,504
|
||||
|
Less:
distributed earnings to common shareholders
|
460
|
449
|
-
|
|||||||
|
Undistributed
earnings
|
531
|
468
|
4,504
|
|||||||
|
Less:
undistributed earnings from discontinued operations
|
-
|
13
|
684
|
|||||||
|
Undistributed
earnings from continuing operations
|
$
|
531
|
$
|
455
|
$
|
3,820
|
||||
|
Common
shareholder earnings
|
||||||||||
|
Basic
|
||||||||||
|
Distributed
earnings to common shareholders
|
$
|
460
|
$
|
449
|
$
|
-
|
||||
|
Undistributed
earnings allocated to common shareholders - continuing
operations
|
503
|
433
|
3,646
|
|||||||
|
Undistributed
earnings allocated to common shareholders - discontinued
operations
|
-
|
12
|
653
|
|||||||
|
Total
common shareholders earnings, basic
|
$
|
963
|
$
|
894
|
$
|
4,299
|
||||
|
Diluted
|
||||||||||
|
Distributed
earnings to common shareholders
|
$
|
460
|
$
|
449
|
$
|
-
|
||||
|
Undistributed
earnings allocated to common shareholders - continuing
operations
|
504
|
433
|
3,650
|
|||||||
|
Undistributed
earnings allocated to common shareholders - discontinued
operations
|
-
|
12
|
653
|
|||||||
|
Total
common shareholders earnings, diluted
|
$
|
964
|
$
|
894
|
$
|
4,303
|
||||
|
Weighted
average common shares outstanding, basic
|
346
|
372
|
398
|
|||||||
|
9.50%
Convertible Subordinated Notes
|
19
|
19
|
19
|
|||||||
|
Weighted
average common shares outstanding and participating securities,
basic
|
365
|
391
|
417
|
|||||||
|
Weighted
average common shares outstanding, basic
|
346
|
372
|
398
|
|||||||
|
Employee
stock-based compensation and accelerated share repurchases (1)
|
3
|
6
|
7
|
|||||||
|
PG&E
Corporation warrants
|
-
|
-
|
2
|
|||||||
|
Weighted
average common shares outstanding, diluted
|
349
|
378
|
407
|
|||||||
|
9.50%
Convertible Subordinated Notes
|
19
|
19
|
19
|
|||||||
|
Weighted
average common shares outstanding and participating securities,
diluted
|
368
|
397
|
426
|
|||||||
|
Net
earnings per common share, basic
|
||||||||||
|
Distributed
earnings, basic (2)
|
$
|
1.33
|
$
|
1.21
|
$
|
-
|
||||
|
Undistributed
earnings - continuing operations, basic
|
1.45
|
1.16
|
9.16
|
|||||||
|
Undistributed
earnings - discontinued operations, basic
|
-
|
0.03
|
1.64
|
|||||||
|
Total
|
$
|
2.78
|
$
|
2.40
|
$
|
10.80
|
||||
|
Net
earnings per common share, diluted
|
||||||||||
|
Distributed
earnings, diluted
|
$
|
1.32
|
$
|
1.19
|
$
|
-
|
||||
|
Undistributed
earnings - continuing operations, diluted
|
1.44
|
1.15
|
8.97
|
|||||||
|
Undistributed
earnings - discontinued operations, diluted
|
-
|
0.03
|
1.60
|
|||||||
|
Total
|
$
|
2.76
|
$
|
2.37
|
$
|
10.57
|
||||
|
(1)
Includes approximately 1 million, 2 million and 222,000 shares,
respectively, of PG&E Corporation common stock treated as outstanding
in connection with accelerated share repurchases for the year ended
December 31, 2006, December 31, 2005 and December 31, 2004, respectively.
The remaining shares of approximately 2 million at December 31, 2006,
4
million at December 31, 2005 and 6.8 million at December 31, 2004,
relate
to share-based compensation and are deemed to be outstanding per
SFAS No.
128 for the purpose of calculating EPS.
|
||||||||||
|
(2)“Distributed
earnings, basic” differs from actual per share amounts paid as dividends
as the EPS computation under GAAP requires the use of the weighted
average, rather than the actual number of shares
outstanding.
|
||||||||||