Pacific Gas and Electric Company is a large gas and electric utility operating in northern and central California. Three recent years of financial data for Pacific Gas and Electric Company are as follows:

	Fiscal Years Ended (in millions)
	Year 3		Year 2		Year 1
Net income	$830		$858		$1,113
Preferred dividends	$14		$14		$14
Average number of common shares outstanding	424		401		382

a. Determine the earnings per share for fiscal Year 3, Year 2, and Year 1. Round to two decimal places.

Year 3 Earnings	$1.92 per share
Year 2 Earnings	$2.10 per share
Year 1 Earnings	$2.88 per share

b. Evaluate the growth in earnings per share for the three years in comparison to the growth in net income for the three years. Round your answers to the nearest whole percentage.

Earnings per share growth as a percent of Year 1 (base year)

Year 3	%
Year 2	%
Year 1 Earnings	100%

Net income growth as a percent of Year 1 (base year)

Year 3	%
Year 2	%
Year 1 Earnings	100%