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SEMPRA ENERGY | ||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES | ||||||||||||||||||
AND PREFERRED STOCK DIVIDENDS | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||
2001 | 2002 | 2003 | 2004 | 2005 | ||||||||||||||
Fixed Charges and Preferred Stock Dividends: | ||||||||||||||||||
Interest | $ 358 | $ 350 | $ 351 | $ 334 | $ 344 | |||||||||||||
Interest portion of annual rentals | 6 | 4 | 4 | 4 | 5 | |||||||||||||
Preferred dividends of subsidiaries (1) | 16 | 14 | 11 | 12 | 10 | |||||||||||||
Combined fixed charges and preferred stock | ||||||||||||||||||
dividends for purpose of ratio | $ 380 | $ 368 | $ 366 | $ 350 | $ 359 | |||||||||||||
Earnings: | ||||||||||||||||||
Pretax income from continuing operations | $ 731 | $ 721 | $ 742 | $ 1,113 | $ 971 | |||||||||||||
Total fixed charges (from above) | 380 | 368 | 366 | 350 | 359 | |||||||||||||
Less: | ||||||||||||||||||
Interest capitalized | 11 | 29 | 26 | 8 | 28 | |||||||||||||
Equity in income (loss) of unconsolidated | ||||||||||||||||||
subsidiaries and joint ventures | 12 | (55) | 5 | 36 | 66 | |||||||||||||
Total earnings for purpose of ratio | $ 1,088 | $ 1,115 | $ 1,077 | $ 1,419 | $ 1,236 | |||||||||||||
Ratio of earnings to combined fixed charges | ||||||||||||||||||
and preferred stock dividends | 2.86 | 3.03 | 2.94 | 4.05 | 3.44 | |||||||||||||
(1) In computing this ratio, "Preferred dividends of subsidiaries" represents the before-tax earnings necessary to pay such dividends, | ||||||||||||||||||
computed at the effective tax rates for the applicable periods. | ||||||||||||||||||