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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| Six months ended | ||||||||
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| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| June 30, 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 |
| $ 35 | ||||||||
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Interest portion of annual rentals |
| 3 |
| 3 |
| 2 |
| 2 |
| 2 |
| 1 | ||||||||||
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Total fixed charges |
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| 122 |
| 99 |
| 85 |
| 80 |
| 73 |
| 36 | ||||||||
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Preferred stock dividends (1) |
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| 13 |
| 11 |
| 9 |
| 9 |
| 8 |
| 4 | |||||||||
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Combined fixed charges and preferred stock |
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dividends for purpose of ratio |
| $ 135 |
| $ 110 |
| $ 94 |
| $ 89 |
| $ 81 |
| $ 40 | ||||||||||
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Earnings: |
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Pretax income from continuing operations |
| $ 295 |
| $ 324 |
| $ 300 |
| $ 488 |
| $ 361 |
| $ 137 | ||||||||||
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Total fixed charges (from above) |
| 122 |
| 99 |
| 85 |
| 80 |
| 73 |
| 36 | ||||||||||
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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 |
| $ 414 |
| $ 422 |
| $ 384 |
| $ 567 |
| $ 433 |
| $ 173 | ||||||||||
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Ratio of earnings to combined fixed charges |
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and preferred stock dividends |
| 3.07 |
| 3.84 |
| 4.09 |
| 6.37 |
| 5.35 |
| 4.33 | ||||||||||
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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 Q2 Quarterly report
Filed: 3 Aug 05, 12:00am