|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
|
September
30,
|
September
30,
|
|||||||||||||||
|
(in
millions, except per share amounts)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
|
Net
income
|
$ |
278
|
$ |
393
|
$ |
803
|
$ |
839
|
||||||||
|
Less:
distributed earnings to common shareholders
|
127
|
115
|
379
|
344
|
||||||||||||
|
Undistributed
earnings
|
$ |
151
|
$ |
278
|
$ |
424
|
$ |
495
|
||||||||
|
Common
shareholders earnings
|
||||||||||||||||
|
Basic
|
||||||||||||||||
|
Distributed
earnings to common shareholders
|
$ |
127
|
$ |
115
|
$ |
379
|
$ |
344
|
||||||||
|
Undistributed
earnings allocated to common shareholders
|
143
|
264
|
402
|
469
|
||||||||||||
|
Total
common shareholders earnings, basic
|
$ |
270
|
$ |
379
|
$ |
781
|
$ |
813
|
||||||||
|
Diluted
|
||||||||||||||||
|
Distributed
earnings to common shareholders
|
$ |
127
|
$ |
115
|
$ |
379
|
$ |
344
|
||||||||
|
Undistributed
earnings allocated to common shareholders
|
143
|
264
|
402
|
469
|
||||||||||||
|
Total
common shareholders earnings, diluted
|
$ |
270
|
$ |
379
|
$ |
781
|
$ |
813
|
||||||||
|
Weighted
average common shares outstanding, basic
|
352
|
347
|
350
|
345
|
||||||||||||
|
9.50%
Convertible Subordinated Notes
|
19
|
19
|
19
|
19
|
||||||||||||
|
Weighted
average common shares outstanding and participating securities,
basic
|
371
|
366
|
369
|
364
|
||||||||||||
|
Weighted
average common shares outstanding, basic
|
352
|
347
|
350
|
345
|
||||||||||||
|
Employee
share-based compensation and accelerated share repurchase program
(1)
|
1
|
2
|
2
|
4
|
||||||||||||
|
Weighted
average common shares outstanding, diluted
|
353
|
349
|
352
|
349
|
||||||||||||
|
9.50%
Convertible Subordinated Notes
|
19
|
19
|
19
|
19
|
||||||||||||
|
Weighted
average common shares outstanding and participating securities,
diluted
|
372
|
368
|
371
|
368
|
||||||||||||
|
Net
earnings per common share, basic
|
||||||||||||||||
|
Distributed
earnings, basic (2)
|
$ |
0.36
|
$ |
0.33
|
$ |
1.08
|
$ |
1.00
|
||||||||
|
Undistributed
earnings, basic
|
0.41
|
0.76
|
1.15
|
1.36
|
||||||||||||
|
Total
|
$ |
0.77
|
$ |
1.09
|
$ |
2.23
|
$ |
2.36
|
||||||||
|
Net
earnings per common share, diluted
|
||||||||||||||||
|
Distributed
earnings, diluted
|
$ |
0.36
|
$ |
0.33
|
$ |
1.08
|
$ |
0.99
|
||||||||
|
Undistributed
earnings, diluted
|
0.41
|
0.76
|
1.14
|
1.34
|
||||||||||||
|
Total
|
$ |
0.77
|
$ |
1.09
|
$ |
2.22
|
$ |
2.33
|
||||||||
|
(1)
Includes
approximately 1 million shares of PG&E Corporation common stock
treated as outstanding in connection with accelerated share repurchases
for the nine months ended September 30, 2006. The remaining shares
relate to share-based compensation and are deemed to be outstanding
under
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 number of shares outstanding rather than the actual
number.
|
||||||||||||||||