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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) | ||||||||||||||
Nine months ended | ||||||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | September 30, 2004 | |||||||||
Fixed Charges and Preferred | ||||||||||||||
Stock Dividends: | ||||||||||||||
Interest | $ 131 | $ 119 | $ 96 | $ 83 | $ 78 | $ 54 | ||||||||
Interest portion of annual rentals | 5 | 3 | 3 | 4 | 3 | 2 | ||||||||
Total fixed charges | 136 | 122 | 99 | 87 | 81 | 56 | ||||||||
Preferred stock dividends (1) | 10 | 13 | 11 | 9 | 9 | 8 | ||||||||
Combined fixed charges and preferred stock | ||||||||||||||
dividends for purpose of ratio | $ 146 | $ 135 | $ 110 | $ 96 | $ 90 | $ 64 | ||||||||
Earnings: | ||||||||||||||
Pretax income from continuing operations | $ 325 | $ 295 | $ 324 | $ 300 | $ 488 | $ 272 | ||||||||
Total fixed charges (from above) | 136 | 122 | 99 | 87 | 81 | 56 | ||||||||
Less: interest capitalized | 1 | 3 | 1 | 1 | 1 | 1 | ||||||||
Total earnings for purpose of ratio | $ 460 | $ 414 | $ 422 | $ 386 | $ 568 | $ 327 | ||||||||
Ratio of earnings to combined fixed charges | ||||||||||||||
and preferred stock dividends | 3.15 | 3.07 | 3.84 | 4.02 | 6.31 | 5.11 | ||||||||
(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 |