"My wife is knocked out right now," Sorbo tells PEOPLE, "but she and the baby are doing well. We're all happy and doing fine."
Adds Sorbo, "When we got married, I told my wife that we were going to have three kids. First two boys and then a girl. I can't (make predictions about) the stock market, but with babies I have been exactly right."
Sorbo, 47, and Jenkins, 40, already have two boys: Braeden Cooper, 4, and Shane Haaken, 1.