2010 FERC Form 1 - Pacific Gas and Electric Company

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Name of Respondent PACIFIC GAS AND ELECTRIC COMPANY This Report is: (1) X An Original (2) A Resubmission Date of Report (Mo, Da, Yr) 04/08/2011 Year/Period of Report 2010/Q4 NOTES TO FINANCIAL STATEMENTS (Continued) Distributed earnings, basic (1) $ 1.85 $ 1.69 $ 1.57 Undistributed earnings – continuing operations, basic 1.01 1.56 1.66 Undistributed earnings – discontinued operations, basic - - 0.41 Total $ 2.86 $ 3.25 $ 3.64 (1) Distributed earnings, basic may differ from actual per share amounts paid as dividends, as the EPS computation under GAAP requires the use of the weighted average, rather than the actual, number of shares outstanding. In calculating diluted EPS during the period PG&E Corporation’s Convertible Subordinated Notes were outstanding, PG&E Corporation applied the “if-converted” method to reflect the dilutive effect of the Convertible Subordinated Notes to the extent that the impact is dilutive when compared to basic EPS. In addition, PG&E Corporation applies the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS. 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: Year ended December 31, (in millions, except per share amounts) 2010 2009 Diluted Income available for common shareholders $ 1,099 $ 1,220 Add earnings impact of assumed conversion of participating securities: Interest expense on convertible subordinated notes, net of tax 8 15 Unrealized loss on embedded derivative, net of tax - 2 Income available for common shareholders and assumed conversion $ 1,107 $ 1,237 Weighted average common shares outstanding, basic 382 368 Add incremental shares from assumed conversions: Convertible subordinated notes 8 17 Employee share-based compensation 2 1 Weighted average common shares outstanding, diluted 392 386 Total earnings per common share, diluted $ 2.82 $ 3.20 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: Year ended December 31, (in millions, except per share amounts) 2008 Diluted Income available for common shareholders $ 1,338 Less: distributed earnings to common shareholders 560 Undistributed earnings 778 Less: undistributed earnings from discontinued operations 154 Undistributed earnings from continuing operations $ 624 Allocation of undistributed earnings to common shareholders Distributed earnings to common shareholders $ 560 Undistributed earnings allocated to common shareholders – continuing operations 593 FERC FORM NO. 1 (ED. 12-88) Page 123.24
Name of Respondent PACIFIC GAS AND ELECTRIC COMPANY This Report is: (1) X An Original (2) A Resubmission Date of Report (Mo, Da, Yr) 04/08/2011 Year/Period of Report 2010/Q4 NOTES TO FINANCIAL STATEMENTS (Continued) Undistributed earnings allocated to common shareholders – discontinued operations 146 Total common shareholders earnings $ 1,299 Weighted average common shares outstanding, basic 357 Convertible subordinated notes 19 Weighted average common shares outstanding and participating securities, basic 376 Weighted average common shares outstanding, basic 357 Employee share-based compensation 1 Weighted average common shares outstanding, diluted 358 Convertible subordinated notes 19 Weighted average common shares outstanding and participating securities, diluted 377 Net earnings per common share, diluted Distributed earnings, diluted $ 1.56 Undistributed earnings – continuing operations, diluted 1.66 Undistributed earnings – discontinued operations, diluted 0.41 Total earnings per common share, diluted $ 3.63 For each of the periods presented above, the calculation of outstanding shares on a diluted basis excluded an insignificant amount of options and securities that were antidilutive. NOTE 9: INCOME TAXES The significant components of income tax provision (benefit) for continuing operations were as follows: PG&E Corporation Utility Year Ended December 31, 2010 2009 2008 2010 2009 2008 (in millions) Current: Federal $ (12) $ (747) $ (268) $ (54) $ (696) $ (188) State 130 (41) 33 134 (45) 24 Deferred: Federal 525 1,161 604 589 1,139 596 State (91) 92 62 (90) 89 62 Tax credits (5) (5) (6) (5) (5) (6) Income tax provision $ 547 $ 460 $ 425 $ 574 $ 482 $ 488 The following describes net deferred income tax liabilities: PG&E Corporation Utility Year Ended December 31, 2010 2009 2010 2009 (in millions) Deferred income tax assets: Reserve for damages $ 222 $ 138 $ 222 $ 138 Environmental reserve 242 227 242 227 Compensation 345 338 305 304 FERC FORM NO. 1 (ED. 12-88) Page 123.25
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2010 ANNUAL REPORT of Pacific Gas a
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FERC FORM NO. 1 (REV. 12-03) Page 4
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SELECTED FINANCIAL DATA - CLASS A,
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2010 FERC Form 1 - Pacific Gas and Electric Company

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