EXHIBIT 12.1
PACIFIC ENTERPRISES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
1996 |
1997 |
1998 |
1999 |
2000 | For the six months ended June 30, 2001 | |
Fixed Charges and Preferred Stock Dividends: | ||||||
Interest | $99 | $91 | $84 | $82 | $72 | $35 |
Interest Portion of Annual Rentals | 12 | 12 | 11 | 3 | 4 | 2 |
Preferred dividends of subsidiary (1) | 14 | 13 | 2 | 2 | 2 | 2 |
Total Fixed Charges and Preferred Stock For Purpose of Ratio | $125 | $116 | $97 | $87 | $78 | $39 |
Earnings: | ||||||
Pretax income from continuing operations | $354 | $335 | $274 | $350 | $396 | $184 |
Add: | ||||||
Fixed charges (from above) | 125 | 116 | 97 | 87 | 78 | 39 |
Less: Fixed charges capitalized | 2 | 1 | 1 | 2 | 2 | 1 |
Fixed charges net of capitalized charges | 123 | 115 | 96 | 85 | 76 | 38 |
Total Earnings for Purpose of Ratio | $477 | $450 | $370 | $435 | $472 | $222 |
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 3.82 | 3.89 | 3.82 | 5.00 | 6.05 | 5.69 |
(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.