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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| Nine months |
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| ended |
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| 2001 |
| 2002 |
| 2003 |
| 2004 |
| 2005 |
| September 30, 2006 |
Fixed Charges and Preferred | ||||||||||||||
Stock Dividends: | ||||||||||||||
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Interest | $96 |
| $83 |
| $78 |
| $71 |
| $77 |
| $75 | |||
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Interest portion of annual rentals | 3 |
| 2 |
| 2 |
| 2 |
| 3 |
| 2 | |||
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Total fixed charges | 99 |
| 85 |
| 80 |
| 73 |
| 80 |
| 77 | |||
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Preferred stock dividends (1) | 11 |
| 9 |
| 9 |
| 8 |
| 6 |
| 6 | |||
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Combined fixed charges and preferred stock | ||||||||||||||
dividends for purpose of ratio | $110 |
| $94 |
| $89 |
| $81 |
| $86 |
| $83 | |||
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Earnings: | ||||||||||||||
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Pretax income from continuing operations | $324 |
| $300 |
| $488 |
| $361 |
| $356 |
| $312 | |||
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Total fixed charges (from above) | 99 |
| 85 |
| 80 |
| 73 |
| 80 |
| 77 | |||
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Less: interest capitalized | 1 |
| 1 |
| 1 |
| 1 |
| 1 |
| 1 | |||
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Total earnings for purpose of ratio | $422 |
| $384 |
| $567 |
| $433 |
| $435 |
| $388 | |||
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Ratio of earnings to combined fixed charges | ||||||||||||||
and preferred stock dividends | 3.84 |
| 4.09 |
| 6.37 |
| 5.35 |
| 5.06 |
| 4.67 | |||
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Ratio of earnings to fixed charges | 4.26 |
| 4.52 |
| 7.09 |
| 5.93 |
| 5.44 |
| 5.04 | |||
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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 Q3 Quarterly report
Filed: 2 Nov 06, 12:00am