EXHIBIT 12.1 |
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PACIFIC ENTERPRISES |
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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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| Thre e months |
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| ende d |
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| 2002 |
| 2003 |
| 2004 |
| 2005 |
| 2006 |
| March 31, 2007 |
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Fixed Charges: |
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Interest |
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| $ 63 |
| $ 54 |
| $ 47 |
| $ 55 |
| $ 78 |
| $ 20 |
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Interest portion of annual rentals |
| 2 |
| 2 |
| 2 |
| 3 |
| 4 |
| 1 |
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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 |
| 21 |
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Preferred stock dividends |
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| 7 |
| 7 |
| 7 |
| 6 |
| 6 |
| 2 |
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Combined fixed charges and preferred |
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stock dividends for purpose of ratio |
| $ 74 |
| $ 65 |
| $ 58 |
| $ 66 |
| $ 90 |
| $ 23 |
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Earnings: |
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Pretax income from continuing operations |
| $ 383 |
| $ 361 |
| $ 390 |
| $ 324 |
| $ 425 |
| $ 99 |
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Total fixed charges (from above) |
| 67 |
| 58 |
| 51 |
| 60 |
| 84 |
| 21 |
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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 |
| $ 120 |
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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 |
| 5.22 |
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Ratio of earnings to fixed charges |
| 6.72 |
| 7.22 |
| 8.65 |
| 6.40 |
| 6.05 |
| 5.71 |
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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-Q Filing
Southern California Gas Company PFD 6% (SOCGM) 10-Q2007 Q1 Quarterly report
Filed: 2 May 07, 12:00am