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Content analysis
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EXHIBIT 12.1 | |||||||||||
SAN DIEGO GAS & ELECTRIC COMPANY | |||||||||||
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES | |||||||||||
AND PREFERRED STOCK DIVIDENDS | |||||||||||
(Dollars in millions) | |||||||||||
Quarter ended | |||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | March 31, 2004 | ||||||
Fixed Charges and Preferred | |||||||||||
Stock Dividends: | |||||||||||
Interest | $ 131 | $ 119 | $ 96 | $ 83 | $ 78 | $ 18 | |||||
Interest portion of annual rentals | 5 | 3 | 3 | 4 | 3 | 1 | |||||
Total fixed charges | 136 | 122 | 99 | 87 | 81 | 19 | |||||
Preferred stock dividends (1) | 10 | 13 | 11 | 9 | 9 | 2 | |||||
Combined fixed charges and preferred stock | |||||||||||
dividends for purpose of ratio | $ 146 | $ 135 | $ 110 | $ 96 | $ 90 | $ 21 | |||||
Earnings: | |||||||||||
Pretax income from continuing operations | $ 325 | $ 295 | $ 324 | $ 300 | $ 488 | $ 97 | |||||
Total fixed charges (from above) | 136 | 122 | 99 | 87 | 81 | 19 | |||||
Less: interest capitalized | 1 | 3 | 1 | 1 | 1 | - | |||||
Total earnings for purpose of ratio | $ 460 | $ 414 | $ 422 | $ 386 | $ 568 | $ 116 | |||||
Ratio of earnings to combined fixed charges | |||||||||||
and preferred stock dividends | 3.15 | 3.07 | 3.84 | 4.02 | 6.31 | 5.52 | |||||
(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 | |||||||||||