Pacific Gas and Electric: Earnings per share 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 are as follows (in millions): Year 3 $1,450 14 468 Year 1 $830 14 424 Year 2 Net income Preferred dividends Average number of common shares outstanding a. Determine the earnings per share for Years 1-3. Round your answers to two decimal places. $828 14 Year 3 Year 2 Year 1 EPS b. Interpret the trend in earnings per share using horizontal analysis for the three years in terms of the change in earnings and average shares outstanding