EXHIBIT 12.1 | |||||||||||
PACIFIC ENTERPRISES | |||||||||||
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES | |||||||||||
AND PREFERRED STOCK DIVIDENDS | |||||||||||
(Dollars in millions) | |||||||||||
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| 2002 |
| 2003 |
| 2004 |
| 2005 |
| 2006 |
Fixed Charges: |
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Interest |
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| $ 63 |
| $ 54 |
| $ 47 |
| $ 55 |
| $ 78 |
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Interest portion of annual rentals |
| 2 |
| 2 |
| 2 |
| 3 |
| 4 | |
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Preferred dividends of subsidiary |
| 2 |
| 2 |
| 2 |
| 2 |
| 2 | |
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Total fixed charges |
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| 67 |
| 58 |
| 51 |
| 60 |
| 84 |
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Preferred stock dividends |
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| 7 |
| 7 |
| 7 |
| 6 |
| 6 |
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Combined fixed charges and preferred |
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stock dividends for purpose of ratio |
| $ 74 |
| $ 65 |
| $ 58 |
| $ 66 |
| 90 | |
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Earnings: |
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Pretax income from continuing operations |
| $ 383 |
| $ 361 |
| $ 390 |
| $ 324 |
| $ 425 | |
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Total fixed charges (from above) |
| 67 |
| 58 |
| 51 |
| 60 |
| 84 | |
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Less: interest capitalized |
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| - |
| - |
| - |
| - |
| 1 |
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Total earnings for purpose of ratio |
| $ 450 |
| $ 419 |
| $ 441 |
| $ 384 |
| $ 508 | |
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Ratio of earnings to combined fixed |
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charges and preferred stock dividends |
| 6.08 |
| 6.45 |
| 7.60 |
| 5.82 |
| 5.64 | |
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Ratio of earnings to fixed charges |
| 6.72 |
| 7.22 |
| 8.65 |
| 6.40 |
| 6.05 | |
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(1) In computing this ratio, “Preferred dividends of subsidiary” 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-K Filing
Southern California Gas 10-K2006 FY Annual report
Filed: 23 Feb 07, 12:00am