PG&E 2008 Annual Report Download - page 33

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31
(unaudited, in millions, except share and per share amounts) 2008 2007
Operating Revenues $ 14,628 $ 13,237
Net Income
Earnings from operations(1) 1,081 1,006
Items impacting comparability(2) 257 —
Reported consolidated net income 1,338 1,006
Income Per Common Share, diluted
Earnings from operations(1) 2.95 2.78
Items impacting comparability(2) 0.68 —
Reported consolidated net earnings per common share, diluted 3.63 2.78
Dividends Declared Per Common Share 1.56 1.44
Total Assets at December 31, 40,860 36,632
Number of common shareholders at December 31, 86,097 89,166
Number of common shares outstanding at December 31,(3) 362,346,685 379,646,276
(1) “Earnings from operations” is not calculated in accordance with the accounting principles generally accepted in the United States of America, or GAAP.
It should not be considered an alternative to net income calculated in accordance with GAAP. Earnings from operations refl ects PG&E Corporation’s
consolidated net income, but excludes items that do not refl ect the normal course of operations, in order to provide a measure that allows investors
to compare the core underlying fi nancial performance of the business from one period to another.
(2) “Items impacting comparability” represent items that do not refl ect the normal course of operations. In the fourth quarter of 2008, PG&E Corporation
realized net income of approximately $257 million resulting from a settlement of federal tax audits for the years 2001 through 2004. This amount has
been treated as an item impacting comparability for 2008. There were no items impacting comparability for 2007.
(3) The common shares outstanding include 24,665,500 shares at December 31, 2007, held by a wholly owned subsidiary of PG&E Corporation and treated
as treasury stock in the Consolidated Financial Statements. These shares were cancelled during 2008.
FINANCIAL HIGHLIGHTS
PG&E Corporation