Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 182

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1A
Chunk 182
---
.75 per mandatory convertible preferred share, totaling $24 million, payable on September 1, 2025, to holders of record as of August 15, 2025.

61

NOTE 7: EARNINGS PER SHARE 

PG&E Corporation’s basic EPS is calculated by dividing the income available for common shareholders by the weighted average number of common shares outstanding.  PG&E Corporation applies the treasury stock method of reflecting the dilutive effect of outstanding share-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 common shares outstanding for calculating diluted EPS:Three Months Ended June 30,Six Months Ended June 30,(in millions, except per share amounts)2025202420252024Income available for common shareholders$521 $520 $1,128 $1,252 Weighted average common shares outstanding, basic(1)2,198 2,137 2,196 2,136 Add incremental shares from assumed conversions:Employee share-based compensation5 5 5 5 Weighted average common shares outstanding, diluted2,203 2,142 2,201 2,141 Total income per common share, diluted$0.24 $0.24 $0.51 $0.58 (1) Excludes 477,743,590 shares of PG&E Corporation common stock held by the Utility.For each of the periods presented above, the calculation of outstanding common shares on a diluted basis excluded an insignificant amount of options and securities that were antidilutive.  For the three and six months ended June 30, 2025, the calculation of outstanding common shares on a diluted basis excluded the impacts of the mandatory convertible preferred stock, which was antidilutive.

NOTE 8: DERIVATIVES

Use of Derivative InstrumentsThe Utility is exposed to commodity price risk as a result of its electricity and natural gas procurement activities.  Procurement costs are recovered through rates.  The Utility uses both derivative and non-derivative contracts to manage volatility in customer rates due to fluctuating commodity prices.  Derivatives include contracts, such as power purchase agreements, forwards, futures, swaps, options, and CRRs that are traded either on an exchange or over-the-counter.Derivatives are presented in the Utility’s Condensed Consolidated Balance Sheets and recorded at fair value and on a net basis in accordance with master netting arrangements for each counter