PG&E 2008 Annual Report Download - page 112

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110
DIVIDENDS
During 2008, the Utility paid common stock dividends
totaling $589 million, including $568 million of common
stock dividends paid to PG&E Corporation and $21 million
of common stock dividends paid to PG&E Holdings, LLC.
During 2008, PG&E Corporation paid common stock
dividends of $1.53 per share, totaling $573 million, includ-
ing $28 million that was paid to Elm Power Corporation.
On December 17, 2008, the Board of Directors of PG&E
Corporation declared a dividend of $0.39 per share, totaling
$141 million, which was paid on January 15, 2009 to share-
holders of record on December 31, 2008.
During 2007, the Utility paid common stock dividends of
$547 million. Approximately $509 million of common stock
dividends were paid to PG&E Corporation and the remain-
ing amount was paid to PG&E Holdings, LLC. During 2007,
PG&E Corporation paid common stock dividends of $1.41
per share totaling $529 million, including approximately
$35 million that was paid to Elm Power Corporation.
During 2006, the Utility paid common stock dividends of
$494 million. Approximately $460 million of common stock
dividends were paid to PG&E Corporation and the remain-
ing amount was paid to PG&E Holdings, LLC. During 2006,
PG&E Corporation paid common stock dividends of $1.32
per share, totaling $489 million, including approximately
$33 million that was paid to Elm Power Corporation.
PG&E Corporation and the Utility record common stock
dividends declared to Reinvested earnings.
NOTE 7: COMMON STOCK
PG&E CORPORATION
PG&E Corporation has authorized 800 million shares
of no-par common stock, of which 362,346,685 shares were
issued and outstanding at December 31, 2008 and 379,646,276
shares were issued and outstanding at December 31, 2007.
At December 31, 2007, Elm Power Corporation, a wholly
owned subsidiary of PG&E Corporation, held 24,665,500
shares of PG&E Corporation common stock. Effective
August 29, 2008, Elm Power Corporation was dissolved,
and the shares subsequently cancelled.
Of the 362,346,685 shares issued and outstanding at
December 31, 2008, 1,287,569 shares were granted as restricted
stock as share-based compensation awarded under the PG&E
Corporation Long-Term Incentive Program and the 2006
Long-Term Incentive Plan (“2006 LTIP”), and 6,876,919 shares
were issued upon the exercise of employee stock options,
for the account of 401(k) plan participants, and for the
Dividend Reinvestment and Stock Purchase Plan. (See Note 14
of the Notes to the Consolidated Financial Statements.)
UTILITY
The Utility is authorized to issue 800 million shares of
its $5 par value common stock, of which 264,374,809
shares were issued and outstanding as of December 31,
2008 and 282,916,485 shares were issued and outstanding
as of December 31, 2007. At December 31, 2007, PG&E
Holdings, LLC, a wholly owned subsidiary of the Utility,
held 19,481,213 shares of the Utility common stock. Effective
August 29, 2008, PG&E Holdings, LLC, was dissolved, and
the shares subsequently cancelled. As of December 31, 2008,
PG&E Corporation held all of the Utility’s outstanding
common stock.
The Utility may pay common stock dividends and
repurchase its common stock, provided that cumulative
preferred dividends on its preferred stock are paid.