EXHIBIT 12.1 |
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SAN DIEGO GAS & ELECTRIC COMPANY |
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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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| Quarter ended |
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| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| March 31, 2005 |
Fixed Charges and Preferred |
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Stock Dividends: |
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Interest |
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| $ 119 |
| $ 96 |
| $ 83 |
| $ 78 |
| $ 71 |
| $ 17 |
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Interest portion of annual rentals |
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| 3 |
| 3 |
| 2 |
| 2 |
| 2 |
| 1 | ||
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Total fixed charges |
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| 122 |
| 99 |
| 85 |
| 80 |
| 73 |
| 18 |
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Preferred stock dividends (1) |
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| 13 |
| 11 |
| 9 |
| 9 |
| 8 |
| 1 | |
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Combined fixed charges and preferred stock |
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dividends for purpose of ratio |
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| $ 135 |
| $ 110 |
| $ 94 |
| $ 89 |
| $ 81 |
| $ 19 | ||
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Earnings: |
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Pretax income from continuing operations |
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| $ 295 |
| $ 324 |
| $ 300 |
| $ 488 |
| $ 361 |
| $ 87 | ||
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Total fixed charges (from above) |
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| 122 |
| 99 |
| 85 |
| 80 |
| 73 |
| 18 | ||
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Less: interest capitalized |
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| 3 |
| 1 |
| 1 |
| 1 |
| 1 |
| 0 | |
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Total earnings for purpose of ratio |
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| $ 414 |
| $ 422 |
| $ 384 |
| $ 567 |
| $ 433 |
| $ 105 | ||
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Ratio of earnings to combined fixed charges |
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and preferred stock dividends |
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| 3.07 |
| 3.84 |
| 4.09 |
| 6.37 |
| 5.35 |
| 5.53 | ||
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(1) In computing this ratio, "Preferred stock dividends" represents the before-tax earnings necessary to pay such dividends, |
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computed at the effective tax rates for the applicable periods |
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10-Q Filing
San Diego Gas & Electric 10-Q2005 Q1 Quarterly report
Filed: 4 May 05, 12:00am