EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

PG&E Corporation’s basic EPS is calculated by dividing the income (loss) available for common shareholders by the weighted average number of common shares outstanding. PG&E Corporation applies the treasury stock method of reflecting the dilutive effect of outstanding share-based compensation in the calculation of diluted EPS. The following is a reconciliation of PG&E Corporation’s income (loss) available for common shareholders and weighted average common shares outstanding for calculating diluted EPS for 2024, 2023, and 2022.


	Year Ended December 31,
(in millions, except per share amounts)	2024		2023		2022
Income (loss) available for common shareholders	$	2,475	$	2,242	$	1,800
Weighted average common shares outstanding, basic (1)	2,141		2,064		1,987
Add incremental shares from assumed conversions:
Employee share-based compensation	6		6		8
Equity Units	—		68		137
Weighted average common shares outstanding, diluted	2,147		2,138		2,132
Total earnings (loss) per common share, diluted	$	1.15	$	1.05	$	0.84

(1) Excludes 477,743,590 shares of PG&E Corporation common stock held by the Utility.

For each of the periods presented above, the calculation of outstanding common shares on a diluted basis excluded an insignificant number of options and securities that were antidilutive. For the year ended December 31, 2024, the calculation of outstanding common shares on a diluted basis excluded the impacts of the Mandatory Convertible Preferred Stock (see Note 7 above), which were antidilutive. In addition, as a result of an irrevocable election made on December 8, 2023 to fix the settlement method to combination settlement, the Convertible Notes (as defined in Note 4) did not have a material impact on the calculation of diluted EPS.