EXHIBIT 12.1 | ||||||||||
SEMPRA ENERGY | ||||||||||
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES | ||||||||||
AND PREFERRED STOCK DIVIDENDS | ||||||||||
(Dollars in millions) | ||||||||||
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| 2002 |
| 2003 |
| 2004 |
| 2005 |
| 2006 |
Fixed charges and preferred stock dividends: |
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Interest |
| $ 350 |
| $ 345 |
| $ 332 |
| $ 342 |
| $ 413 |
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Interest portion of annual rentals |
| 4 |
| 4 |
| 4 |
| 5 |
| 6 |
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Preferred dividends of subsidiaries (1) |
| 14 |
| 11 |
| 12 |
| 10 |
| 15 |
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Total fixed charges |
| 368 |
| 360 |
| 348 |
| 357 |
| 434 |
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Preferred dividends for purpose of ratio |
| - |
| - |
| - |
| - |
| - |
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Total fixed charges and preferred |
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dividends for purpose of ratio |
| $ 368 |
| $ 360 |
| $ 348 |
| $ 357 |
| $ 434 |
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Earnings: |
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Pretax income from continuing operations |
| $ 736 |
| $ 814 |
| $ 1,105 |
| $ 947 |
| $ 1,732 |
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Add: |
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Total fixed charges (from above) |
| 368 |
| 360 |
| 348 |
| 357 |
| 434 |
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Distributed income of equity investees |
| 11 |
| 72 |
| 59 |
| 73 |
| 431 |
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Less: |
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Interest capitalized |
| 29 |
| 26 |
| 8 |
| 28 |
| 58 |
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Equity in income (loss) of unconsolidated |
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subsidiaries and joint ventures |
| (55) |
| 5 |
| 36 |
| 66 |
| 156 |
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Minority interest in income of consolidated |
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subsidiaries |
| - |
| - |
| - |
| - |
| 7 |
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Total earnings for purpose of ratio |
| $ 1,141 |
| $ 1,215 |
| $ 1,468 |
| $ 1,283 |
| $ 2,376 |
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Ratio of earnings to combined fixed charges |
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and preferred stock dividends |
| 3.10 |
| 3.38 |
| 4.22 |
| 3.59 |
| 5.47 |
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Ratio of earnings to fixed charges |
| 3.10 |
| 3.38 |
| 4.22 |
| 3.59 |
| 5.47 |
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(1) In computing this ratio, “Preferred dividends of subsidiaries” represents the before-tax earnings necessary to pay such dividends, |
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computed at the effective tax rates for the applicable periods. |
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