Monty if you are using a water pan have a look at the Brinkman Charcoal pan as a substitute. Much nicer to work with and a lot more clearance above your fire than the Weber 2 gallon. The Brinkman is still 2 gallons. I never fill mine unless I'm going all night.
The current 18.5" water pan actually holds 3 gallons. I've measured it. It holds exactly 2 of my 6-qt containers full of water if you fill it to the rim.
You're right, it's definitely more than 2 gallons, but there may be some variation...
Here's a photo of my current water pan holding 10 quarts...it's about to overflow out of the two holes shown. These aren't precision pieces, it's very possible that slight variations in forming and position of the hole(s) accounts for 12 quarts in your pan but 10 quarts in mine.