We analyze pressure stabilized finite element methods for the solution of the generalized Stokes problem and investigate their stability and convergence properties. An important feature of the methods is that the pressure gradient unknowns can be eliminated locally thus leading to a decoupled system of equations. Although the stability of the method has been established, for the homogeneous Stokes equations, the proof given here is based on the existence of a special interpolant with additional orthogonal property with respect to the projection space. This makes it much simpler and more attractive. The resulting stabilized method is shown to lead to optimal rates of convergence for both velocity and pressure approximations.