EXHIBIT 12.3 | |||||||||||||
PACIFIC ENTERPRISES | |||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES | |||||||||||||
AND PREFERRED STOCK DIVIDENDS | |||||||||||||
(Dollars in millions) | |||||||||||||
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| September 30, |
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| 2004 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2009 |
Fixed Charges: |
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Interest |
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| $ 47 |
| $ 55 |
| $ 78 |
| $ 78 |
| $ 68 |
| $ 55 |
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Interest portion of annual rentals |
| 2 |
| 3 |
| 4 |
| 3 |
| 2 |
| 1 | |
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Preferred dividends of subsidiary (1) |
| 2 |
| 2 |
| 2 |
| 2 |
| 2 |
| 1 | |
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Total fixed charges |
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| 51 |
| 60 |
| 84 |
| 83 |
| 72 |
| 57 |
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Preferred stock dividends |
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| 7 |
| 6 |
| 6 |
| 6 |
| 6 |
| 4 |
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Combined fixed charges and preferred stock dividends for purpose of ratio |
| $ 58 |
| $ 66 |
| $ 90 |
| $ 89 |
| $ 78 |
| $ 61 | |
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Earnings: |
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Pretax income from continuing operations |
| $ 391 |
| $ 325 |
| $ 426 |
| $ 408 |
| $ 394 |
| $ 312 | |
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Total fixed charges (from above) |
| 51 |
| 60 |
| 84 |
| 83 |
| 72 |
| 57 | |
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Less: Interest capitalized |
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| - |
| - |
| 1 |
| 1 |
| - |
| 1 |
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Less: Preferred dividends of subsidiary (1) | 1 |
| 1 |
| 1 |
| 1 |
| 1 |
| 1 | ||
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Total earnings for purpose of ratio |
| $ 441 |
| $ 384 |
| $ 508 |
| $ 489 |
| $ 465 |
| $ 367 | |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
| 7.60 |
| 5.82 |
| 5.64 |
| 5.49 |
| 5.96 |
| 6.02 | |
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Ratio of earnings to fixed charges |
| 8.65 |
| 6.40 |
| 6.05 |
| 5.89 |
| 6.46 |
| 6.44 | |
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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-Q2009 Q3 Quarterly report
Filed: 9 Nov 09, 12:00am