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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| Six months |
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| ended |
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| 2001 |
| 2002 |
| 2003 |
| 2004 |
| 2005 |
| June 30, 2006 |
Fixed Charges and Preferred |
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Stock Dividends: |
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Interest |
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| $ 96 |
| $ 83 |
| $ 78 |
| $ 71 |
| $ 77 |
| $ 48 |
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Interest portion of annual rentals |
| 3 |
| 2 |
| 2 |
| 2 |
| 3 |
| 1 | ||
Total fixed charges |
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| 99 |
| 85 |
| 80 |
| 73 |
| 80 |
| 49 |
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Preferred stock dividends (1) |
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| 11 |
| 9 |
| 9 |
| 8 |
| 6 |
| 4 | |
Combined fixed charges and preferred stock |
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dividends for purpose of ratio |
| $ 110 |
| $ 94 |
| $ 89 |
| $ 81 |
| $ 86 |
| $ 53 | ||
Earnings: |
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Pretax income from continuing operations |
| $ 324 |
| $ 300 |
| $ 488 |
| $ 361 |
| $ 356 |
| $ 187 | ||
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Total fixed charges (from above) |
| 99 |
| 85 |
| 80 |
| 73 |
| 80 |
| 49 | ||
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Less: interest capitalized |
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| 1 |
| 1 |
| 1 |
| 1 |
| 1 |
| 1 | |
Total earnings for purpose of ratio |
| $ 422 |
| $ 384 |
| $ 567 |
| $ 433 |
| $ 435 |
| $ 235 | ||
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 |
| 4.43 | ||
Ratio of earnings to fixed charges |
| 4.26 |
| 4.52 |
| 7.09 |
| 5.93 |
| 5.44 |
| 4.80 | ||
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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. |
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10-Q Filing
San Diego Gas & Electric 10-Q2006 Q2 Quarterly report
Filed: 3 Aug 06, 12:00am