|
Year
Ended December 31,
|
||||||||||||
|
2008
|
2007
|
2006
|
||||||||||
|
(in millions, except per share
amounts)
|
||||||||||||
|
Net
Income
|
$ | 1,338 | $ | 1,006 | $ | 991 | ||||||
|
Less:
distributed earnings to common shareholders
|
560 | 508 | 460 | |||||||||
|
Undistributed
earnings
|
778 | 498 | 531 | |||||||||
|
Less:
undistributed earnings from discontinued operations
|
154 | - | - | |||||||||
|
Undistributed
earnings from continuing operations
|
$ | 624 | $ | 498 | $ | 531 | ||||||
|
Common
shareholder earnings
|
||||||||||||
|
Basic
|
||||||||||||
|
Distributed
earnings to common shareholders
|
$ | 560 | $ | 508 | $ | 460 | ||||||
|
Undistributed
earnings allocated to common shareholders – continuing
operations
|
592 | 472 | 503 | |||||||||
|
Undistributed
earnings allocated to common shareholders – discontinued
operations
|
146 | - | - | |||||||||
|
Total common shareholders
earnings, basic
|
$ | 1,298 | $ | 980 | $ | 963 | ||||||
|
Diluted
|
||||||||||||
|
Distributed
earnings to common shareholders
|
$ | 560 | $ | 508 | $ | 460 | ||||||
|
Undistributed
earnings allocated to common shareholders – continuing
operations
|
593 | 473 | 504 | |||||||||
|
Undistributed
earnings allocated to common shareholders – discontinued
operations
|
146 | - | - | |||||||||
|
Total
common shareholders earnings, diluted
|
$ | 1,299 | $ | 981 | $ | 964 | ||||||
|
Weighted average common shares
outstanding, basic
|
357 | 351 | 346 | |||||||||
|
9.50%
Convertible Subordinated Notes
|
19 | 19 | 19 | |||||||||
|
Weighted
average common shares outstanding and participating securities,
basic
|
376 | 370 | 365 | |||||||||
|
Weighted
average common shares outstanding, basic
|
357 | 351 | 346 | |||||||||
|
Employee
share-based compensation and accelerated share repurchases (1)
|
1 | 2 | 3 | |||||||||
|
Weighted
average common shares outstanding, diluted
|
358 | 353 | 349 | |||||||||
|
9.50%
Convertible Subordinated Notes
|
19 | 19 | 19 | |||||||||
|
Weighted
average common shares outstanding and participating securities,
diluted
|
377 | 372 | 368 | |||||||||
|
Net earnings per common share,
basic
|
||||||||||||
|
Distributed
earnings, basic (2)
|
$ | 1.57 | $ | 1.45 | $ | 1.33 | ||||||
|
Undistributed
earnings – continuing operations, basic
|
1.66 | 1.34 | 1.45 | |||||||||
|
Undistributed
earnings – discontinued operations, basic
|
0.41 | - | - | |||||||||
|
Total
|
$ | 3.64 | $ | 2.79 | $ | 2.78 | ||||||
|
Net earnings per common share,
diluted
|
||||||||||||
|
Distributed
earnings, diluted
|
$ | 1.56 | $ | 1.44 | $ | 1.32 | ||||||
|
Undistributed
earnings – continuing operations, diluted
|
1.66 | 1.34 | 1.44 | |||||||||
|
Undistributed
earnings – discontinued operations, diluted
|
0.41 | - | - | |||||||||
|
Total
|
$ | 3.63 | $ | 2.78 | $ | 2.76 | ||||||
|
(1)
Includes approximately one million shares of PG&E Corporation
common stock treated as outstanding in connection with accelerated share
repurchase agreements (ASRs) for 2006. The remaining shares of
approximately two million at December 31, 2006 relate to share-based
compensation and are deemed to be outstanding under SFAS No. 128 for the
purpose of calculating EPS. PG&E Corporation has no
remaining obligation under these ASRs as of December 31,
2007.
|
|
(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.
|