|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
|
(in
millions, except per share amounts)
|
June
30,
|
June
30,
|
||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||
|
Net
income
|
$ |
269
|
$ |
232
|
$ |
525
|
$ |
446
|
||||||||
|
Less:
distributed earnings to common shareholders
|
127
|
115
|
253
|
229
|
||||||||||||
|
Undistributed
earnings
|
$ |
142
|
$ |
117
|
$ |
272
|
$ |
217
|
||||||||
|
Common
shareholders earnings
|
||||||||||||||||
|
Basic
|
||||||||||||||||
|
Distributed
earnings to common shareholders
|
$ |
127
|
$ |
115
|
$ |
253
|
$ |
229
|
||||||||
|
Undistributed
earnings allocated to common shareholders
|
135
|
111
|
258
|
206
|
||||||||||||
|
Total
common shareholders earnings, basic
|
$ |
262
|
$ |
226
|
$ |
511
|
$ |
435
|
||||||||
|
Diluted
|
||||||||||||||||
|
Distributed
earnings to common shareholders
|
$ |
127
|
$ |
115
|
$ |
253
|
$ |
229
|
||||||||
|
Undistributed
earnings allocated to common shareholders
|
135
|
111
|
258
|
206
|
||||||||||||
|
Total
common shareholders earnings, diluted
|
$ |
262
|
$ |
226
|
$ |
511
|
$ |
435
|
||||||||
|
Weighted
average common shares outstanding, basic
|
350
|
346
|
350
|
345
|
||||||||||||
|
9.50%
Convertible Subordinated Notes
|
19
|
19
|
19
|
19
|
||||||||||||
|
Weighted
average common shares outstanding and participating securities,
basic
|
369
|
365
|
369
|
364
|
||||||||||||
|
Weighted
average common shares outstanding, basic
|
350
|
346
|
350
|
345
|
||||||||||||
|
Employee
share-based compensation and accelerated share repurchase program
(1)
|
2
|
3
|
2
|
4
|
||||||||||||
|
Weighted
average common shares outstanding, diluted
|
352
|
349
|
352
|
349
|
||||||||||||
|
9.50%
Convertible Subordinated Notes
|
19
|
19
|
19
|
19
|
||||||||||||
|
Weighted
average common shares outstanding and participating securities,
diluted
|
371
|
368
|
371
|
368
|
||||||||||||
|
Net
earnings per common share, basic
|
||||||||||||||||
|
Distributed
earnings, basic (2)
|
$ |
0.36
|
$ |
0.33
|
$ |
0.72
|
$ |
0.66
|
||||||||
|
Undistributed
earnings, basic
|
0.39
|
0.32
|
0.74
|
0.60
|
||||||||||||
|
Total
|
$ |
0.75
|
$ |
0.65
|
$ |
1.46
|
$ |
1.26
|
||||||||
|
Net
earnings per common share, diluted
|
||||||||||||||||
|
Distributed
earnings, diluted
|
$ |
0.36
|
$ |
0.33
|
$ |
0.72
|
$ |
0.66
|
||||||||
|
Undistributed
earnings, diluted
|
0.38
|
0.32
|
0.73
|
0.59
|
||||||||||||
|
Total
|
$ |
0.74
|
$ |
0.65
|
$ |
1.45
|
$ |
1.25
|
||||||||
|
(1)
Includes
approximately 1 and 2 million shares of PG&E Corporation common stock
treated as outstanding in connection with accelerated share repurchases
for the three and six months ended June 30, 2006, respectively. The
remaining shares 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” may differ 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.
|
||||||||||||||||