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EXHIBIT 12.1 | ||||||||||||||
PACIFIC ENTERPRISES | ||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||
(Dollars in millions) | ||||||||||||||
Quarter ended | ||||||||||||||
2000 | 2001 | 2002 | 2003 | 2004 | March 31, 2005 | |||||||||
Fixed Charges: | ||||||||||||||
Interest | $ 72 | $ 88 | $ 63 | $ 54 | $ 47 | $ 12 | ||||||||
Interest portion of annual rentals | 4 | 3 | 2 | 2 | 2 | 1 | ||||||||
Preferred dividends of subsidiaries (1) | 2 | 2 | 2 | 2 | 2 | 1 | ||||||||
Total fixed charges for purpose of ratio | $ 78 | $ 93 | $ 67 | $ 58 | $ 51 | $ 14 | ||||||||
Earnings: | ||||||||||||||
Pretax income from continuing operations | $ 396 | $ 377 | $ 383 | $ 361 | $ 391 | $ 117 | ||||||||
Total fixed charges (from above) | 78 | 93 | 67 | 58 | 51 | 14 | ||||||||
Total earnings for purpose of ratio | $ 474 | $ 470 | $ 450 | $ 419 | $ 442 | $ 131 | ||||||||
Ratio of earnings to fixed charges | 6.08 | 5.05 | 6.72 | 7.22 | 8.67 | 9.36 | ||||||||
(1) In computing this ratio, "Preferred dividends of subsidiaries" represents the before-tax earnings necessary to pay such dividends, | ||||||||||||||
computed at the effective tax rates for the applicable periods. |