EXHIBIT 12.1 |
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PACIFIC ENTERPRISES |
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COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES |
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AND PREFERRED STOCK DIVIDENDS |
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(Dollars in millions) |
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| March 31, |
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| 2003 |
| 2004 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
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Fixed Charges: |
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Interest |
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| $ 54 |
| $ 47 |
| $ 55 |
| $ 78 |
| $ 78 |
| $ 18 |
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Interest portion of annual rentals |
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| 2 |
| 2 |
| 3 |
| 4 |
| 3 |
| 1 |
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Preferred dividends of subsidiary (1) |
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| 2 |
| 2 |
| 2 |
| 2 |
| 2 |
| 1 |
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Total fixed charges |
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| 58 |
| 51 |
| 60 |
| 84 |
| 83 |
| 20 |
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Preferred stock dividends |
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| 7 |
| 7 |
| 6 |
| 6 |
| 6 |
| 2 |
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Combined fixed charges and preferred stock dividends for purpose of ratio |
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| $ 65 |
| $ 58 |
| $ 66 |
| $ 90 |
| $ 89 |
| $ 22 |
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Earnings: |
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Pretax income from continuing operations |
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| $ 361 |
| $ 390 |
| $ 324 |
| $ 425 |
| $ 407 |
| $ 99 |
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Total fixed charges (from above) |
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| 58 |
| 51 |
| 60 |
| 84 |
| 83 |
| 20 |
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Less: interest capitalized |
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| - |
| - |
| - |
| 1 |
| 1 |
| - |
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Total earnings for purpose of ratio |
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| $ 419 |
| $ 441 |
| $ 384 |
| $ 508 |
| $ 489 |
| $ 119 |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
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| 6.45 |
| 7.60 |
| 5.82 |
| 5.64 |
| 5.49 |
| 5.41 |
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Ratio of earnings to fixed charges |
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| 7.22 |
| 8.65 |
| 6.40 |
| 6.05 |
| 5.89 |
| 5.95 |
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(1) In computing this ratio, “Preferred dividends of subsidiary” 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
Pacific Enterprises Inactive 10-Q2008 Q1 Quarterly report
Filed: 2 May 08, 12:00am