PG&E 2011 Annual Report Download - page 11

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Summary of Changes in Earnings per Common Share and Income Available for Common Shareholders for 2011
PG&E Corporation’s income available for common shareholders decreased by $255 million, or 23%, from
$1,099 million in 2010 to $844 million in 2011. The following table is a summary reconciliation of the key changes,
after-tax, in income available for common shareholders and earnings per common share for the year ended
December 31, 2011. See ‘‘Results of Operations’’ below for further information.
Earnings Per
Common
Share
Earnings (Diluted)
Income Available for Common Shareholders—2010 ............................ $1,099 $2.82
Natural gas matters .................................................. (352) (0.87)
Environmental-related costs ............................................ (74) (0.18)
Litigation and regulatory matters ........................................ (28) (0.07)
Storm and outage expenses ............................................ (20) (0.05)
Gas transmission revenues ............................................. (20) (0.05)
Increase in rate base earnings .......................................... 165 0.41
Statewide ballot initiative .............................................. 45 0.12
SmartMeter TM cost disallowance ........................................ 21 0.05
Federal healthcare law ............................................... 19 0.05
Other ............................................................ (11) (0.01)
Increase in shares outstanding(1) ......................................... —(0.12)
Income Available for Common Shareholders—2011 ............................ $ 844 $2.10
(1) Represents the impact of a higher number of shares outstanding at December 31, 2011, compared to the number of shares outstanding at
December 31, 2010. PG&E Corporation issues shares to fund its equity contributions to the Utility that are used by the Utility to maintain
its capital structure and fund operations, including expenses related to natural gas matters. This has no dollar impact on earnings.
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