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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| Three months |
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| ended |
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| 2002 |
| 2003 |
| 2004 |
| 2005 |
| 2006 |
| March 31, 2007 |
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Fixed Charges and Preferred |
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Stock Dividends: |
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Interest |
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| $ 83 |
| $ 78 |
| $ 71 |
| $ 77 |
| $ 102 |
| $ 25 |
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Interest portion of annual rentals |
| 2 |
| 2 |
| 2 |
| 3 |
| 3 |
| 1 |
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Total fixed charges |
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| 85 |
| 80 |
| 73 |
| 80 |
| 105 |
| 26 |
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Preferred stock dividends (1) |
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| 9 |
| 9 |
| 8 |
| 6 |
| 8 |
| 2 |
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Combined fixed charges and preferred stock |
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dividends for purpose of ratio |
| $ 94 |
| $ 89 |
| $ 81 |
| $ 86 |
| $ 113 |
| $ 28 |
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Earnings: |
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Pretax income from continuing operations |
| $ 300 |
| $ 488 |
| $ 361 |
| $ 356 |
| $ 394 |
| $ 101 |
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Total fixed charges (from above) |
| 85 |
| 80 |
| 73 |
| 80 |
| 105 |
| 26 |
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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 |
| $ 384 |
| $ 567 |
| $ 433 |
| $ 435 |
| $ 498 |
| $ 127 |
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Ratio of earnings to combined fixed charges |
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and preferred stock dividends |
| 4.09 |
| 6.37 |
| 5.35 |
| 5.06 |
| 4.41 |
| 4.54 |
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Ratio of earnings to fixed charges |
| 4.52 |
| 7.09 |
| 5.93 |
| 5.44 |
| 4.74 |
| �� 4.88 |
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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-Q2007 Q1 Quarterly report
Filed: 2 May 07, 12:00am