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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) | |||||||||||||||||||
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| 2001 |
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Fixed Charges and Preferred |
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Stock Dividends: |
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Interest |
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| $ 96 |
| $ 83 |
| $ 78 |
| $ 71 |
| $ 77 | |||||||
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Interest portion of annual rentals |
| 3 |
| 2 |
| 2 |
| 2 |
| 3 | |||||||||
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Total fixed charges |
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| 99 |
| 85 |
| 80 |
| 73 |
| 80 | |||||||
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Preferred stock dividends (1) |
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| 11 |
| 9 |
| 9 |
| 8 |
| 6 | ||||||||
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Combined fixed charges and preferred stock |
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dividends for purpose of ratio |
| $ 110 |
| $ 94 |
| $ 89 |
| $ 81 |
| $ 86 | |||||||||
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Earnings: |
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Pretax income from continuing operations |
| $ 324 |
| $ 300 |
| $ 488 |
| $ 361 |
| $ 356 | |||||||||
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Total fixed charges (from above) |
| 99 |
| 85 |
| 80 |
| 73 |
| 80 | |||||||||
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Less: interest capitalized |
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| 1 |
| 1 |
| 1 |
| 1 |
| 1 | ||||||||
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Total earnings for purpose of ratio |
| $ 422 |
| $ 384 |
| $ 567 |
| $ 433 |
| $ 435 | |||||||||
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Ratio of earnings to combined fixed charges |
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and preferred stock dividends |
| 3.84 |
| 4.09 |
| 6.37 |
| 5.35 |
| 5.06 | |||||||||
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(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 |