EXHIBIT 12.2 | |||||||||||||
SAN DIEGO GAS & ELECTRIC COMPANY | |||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES | |||||||||||||
AND PREFERRED STOCK DIVIDENDS | |||||||||||||
(Dollars in millions) | |||||||||||||
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| 2004 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| March 31, 2009 |
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Fixed Charges and Preferred Stock Dividends: |
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Interest |
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| $ 71 |
| $ 77 |
| $ 102 |
| $ 105 |
| $ 107 |
| $ 27 |
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Interest portion of annual rentals |
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| 2 |
| 3 |
| 3 |
| 3 |
| 1 |
| - |
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Total fixed charges |
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| 73 |
| 80 |
| 105 |
| 108 |
| 108 |
| 27 |
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Preferred stock dividends (1) |
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| 8 |
| 6 |
| 8 |
| 7 |
| 7 |
| 2 |
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Combined fixed charges and preferred stock dividends for purpose of ratio |
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| $ 81 |
| $ 86 |
| $ 113 |
| $ 115 |
| $ 115 |
| $ 29 |
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Earnings: |
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Pretax income from continuing operations |
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| $ 361 |
| $ 356 |
| $ 394 |
| $ 406 |
| $ 451 |
| $ 167 |
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Total fixed charges (from above) |
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| 73 |
| 80 |
| 105 |
| 108 |
| 108 |
| 27 |
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Less: Interest capitalized |
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| 1 |
| 1 |
| 1 |
| 3 |
| 13 |
| - |
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Total earnings for purpose of ratio |
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| $ 433 |
| $ 435 |
| $ 498 |
| $ 511 |
| $ 546 |
| $ 194 |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
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| 5.35 |
| 5.06 |
| 4.41 |
| 4.44 |
| 4.75 |
| 6.69 |
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Ratio of earnings to fixed charges |
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| 5.93 |
| 5.44 |
| 4.74 |
| 4.73 |
| 5.06 |
| 7.19 |
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(1) In computing this ratio, “Preferred stock dividends” represents the before-tax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods. |
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10-Q Filing
Sempra (SRE) 10-Q2009 Q1 Quarterly report
Filed: 5 May 09, 12:00am