PG&E 2009 Annual Report Download - page 83

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The following is a reconciliation of PG&E Corporation’s income available for common shareholders and weighted
average shares of common stock outstanding for calculating diluted EPS for the 12 months ended December 31, 2008 and
2007:
December 31,
(in millions, except per share amounts) 2008 2007
Diluted
Income Available for Common Shareholders $1,338 $1,006
Less: distributed earnings to common shareholders 560 508
Undistributed earnings 778 498
Less: undistributed earnings from discontinued operations 154 –
Undistributed earnings from continuing operations $ 624 $ 498
Allocation of undistributed earnings to common shareholders
Distributed earnings to common shareholders $ 560 $ 508
Undistributed earnings allocated to common shareholders — continuing operations 593 473
Undistributed earnings allocated to common shareholders — discontinued operations 146 –
Total common shareholders earnings $1,299 $ 981
Weighted average common shares outstanding, basic 357 351
Convertible subordinated notes 19 19
Weighted average common shares outstanding and participating securities, basic 376 370
Weighted average common shares outstanding, basic 357 351
Employee share-based compensation 12
Weighted average common shares outstanding, diluted 358 353
Convertible subordinated notes 19 19
Weighted average common shares outstanding and participating securities, diluted 377 372
Net earnings per common share, diluted
Distributed earnings, diluted $ 1.56 $ 1.44
Undistributed earnings — continuing operations, diluted 1.66 1.34
Undistributed earnings — discontinued operations, diluted 0.41 –
Total earnings per common share, diluted $ 3.63 $ 2.78
Stock options to purchase 11,935, and 7,285 shares of PG&E Corporation common stock were excluded from the
computation of diluted EPS for the 12 months ended December 31, 2008 and 2007, respectively, because the exercise
prices of these options were greater than the average market price of PG&E Corporation common stock during these
periods.
79