Exhibit 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
1998 | 1999 | 2000 | 2001 | 2002 | ||||||||||||
Fixed Charges and Preferred Stock Dividends: | ||||||||||||||||
Interest | $ | 210 | $ | 233 | $ | 308 | $ | 358 | $ | 350 |
| |||||
Interest portion of annual rentals |
| 20 |
| 10 |
| 8 |
| 6 |
| 6 |
| |||||
Preferred dividends of subsidiaries (1) |
| 18 |
| 16 |
| 18 |
| 16 |
| 15 |
| |||||
Combined Fixed Charges and Preferred Stock Dividends for Purpose of Ratio | $ | 248 | $ | 259 | $ | 334 | $ | 380 | $ | 371 |
| |||||
Earnings: | ||||||||||||||||
Pretax income from continuing operations | $ | 432 | $ | 573 | $ | 699 | $ | 731 | $ | 721 |
| |||||
Total Fixed Charges (from above) |
| 248 |
| 259 |
| 334 |
| 380 |
| 371 |
| |||||
Less: | ||||||||||||||||
Interest capitalized |
| 1 |
| 1 |
| 3 |
| 11 |
| 29 |
| |||||
Equity income (loss) of unconsolidated subsidiaries and joint ventures |
| — |
| — |
| 62 |
| 12 |
| (55 | ) | |||||
Total Earnings for Purpose of Ratio | $ | 679 | $ | 831 | $ | 968 | $ | 1,088 | $ | 1,118 |
| |||||
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Ration of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 2.74 | 3.21 | 2.90 | 2.86 | 3.01 | |||||
| (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. |
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