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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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| June 30, | ||
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| 2007 |
| 2008(1) |
| 2009(1) |
| 2010(1) |
| 2011(1) |
| 2012 | ||
Fixed charges and preferred stock dividends: |
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Interest |
| $ 379 |
| $ 353 |
| $ 455 |
| $ 492 |
| $ 549 |
| $ 288 | ||
Interest portion of annual rentals |
| 6 |
| 3 |
| 2 |
| 3 |
| 2 |
| 1 | ||
Preferred dividends of subsidiaries (2) |
| 14 |
| 13 |
| 13 |
| 11 |
| 10 |
| 3 | ||
Total fixed charges |
| 399 |
| 369 |
| 470 |
| 506 |
| 561 |
| 292 | ||
Preferred dividends for purpose of ratio |
| - |
| - |
| - |
| - |
| - |
| - | ||
Total fixed charges and preferred dividends for purpose of ratio |
| $ 399 |
| $ 369 |
| $ 470 |
| $ 506 |
| $ 561 |
| $ 292 | ||
Earnings: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees |
| $ 1,538 |
| $ 1,009 |
| $ 977 |
| $ 1,079 |
| $ 1,747 |
| $ 586 | ||
Add: |
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Total fixed charges (from above) |
| 399 |
| 369 |
| 470 |
| 506 |
| 561 |
| 292 | ||
Distributed income of equity investees |
| 19 |
| 133 |
| 493 |
| 260 |
| 96 |
| 25 | ||
Less: |
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Interest capitalized |
| 100 |
| 100 |
| 73 |
| 74 |
| 27 |
| 28 | ||
Preferred dividends of subsidiaries (2) |
| 10 |
| 10 |
| 13 |
| 11 |
| 10 |
| 3 | ||
Total earnings for purpose of ratio |
| $ 1,846 |
| $ 1,401 |
| $ 1,854 |
| $ 1,760 |
| $ 2,367 |
| $ 872 | ||
Ratio of earnings to combined fixed charges and preferred stock dividends |
| 4.63 |
| 3.80 |
| 3.94 |
| 3.48 |
| 4.22 |
| 2.99 | ||
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Ratio of earnings to fixed charges |
| 4.63 |
| 3.80 |
| 3.94 |
| 3.48 |
| 4.22 |
| 2.99 | ||
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(1) | As adjusted for the retrospective effect of a change in accounting principle. This change had no impact at December 31, 2007 or for the year then ended. | |||||||||||||
(2) | 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. | |||||||||||||
Sempra (SRE)
Filed: 2 Aug 12, 12:00am