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EXHIBIT 12.2 | |||||||||||||||||
SOUTHERN CALIFORNIA GAS COMPANY | |||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES | |||||||||||||||||
AND PREFERRED STOCK DIVIDENDS | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Six months | |||||||||||||||||
ended | |||||||||||||||||
2001 | 2002 | 2003 | 2004 | 2005 | June 30, 2006 | ||||||||||||
Fixed Charges: | |||||||||||||||||
Interest | $ 70 | $ 47 | $ 48 | $ 40 | $ 50 | $ 36 | |||||||||||
Interest portion of annual rentals | 3 |
| 2 |
| 2 |
| 2 |
| 3 |
| 2 | ||||||
Total fixed charges | 73 | 49 | 50 | 42 | 53 | 38 | |||||||||||
Preferred stock dividends (1) | 2 |
| 2 |
| 2 |
| 2 |
| 2 |
| 1 | ||||||
Combined fixed charges and preferred stock | |||||||||||||||||
dividends for purpose of ratio | $ 75 | $ 51 | $ 52 | $ 44 | $ 55 | $ 39 | |||||||||||
Earnings: | |||||||||||||||||
Pretax income from continuing operations | 377 | 391 | 360 | 387 | 309 | 188 | |||||||||||
Add: total fixed charges (from above) | 73 | 49 | 50 | 42 | 53 | 38 | |||||||||||
Less: interest capitalized | - |
| - |
| - |
| - |
| - |
| - | ||||||
Total earnings for purpose of ratio | $ 450 | $ 440 | $ 410 | $ 429 | $ 362 | $ 226 | |||||||||||
Ratio of earnings to combined fixed charges | |||||||||||||||||
and preferred stock dividends | 6.00 | 8.63 | 7.88 | 9.75 | 6.58 | 5.79 | |||||||||||
Ratio of earnings to fixed charges | 6.16 | 8.98 | 8.20 | 10.21 | 6.83 | 5.95 | |||||||||||
(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. |