EXHIBIT 12.2 | |||||||||||||||||||
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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| September 30, | |
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| 2008 |
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| 2009 |
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| 2010 |
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| 2011 |
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| 2012 |
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| 2013 | |
Fixed Charges and Preferred Stock Dividends: |
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Interest |
| $ | 107 |
| $ | 118 |
| $ | 153 |
| $ | 193 |
| $ | 220 |
| $ | 173 | |
Interest portion of annual rentals |
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| 1 |
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| 1 |
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| 1 |
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| 1 |
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| 1 |
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| 1 | |
Total fixed charges |
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| 108 |
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| 119 |
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| 154 |
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| 194 |
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| 221 |
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| 174 | |
Preferred stock dividends (1) |
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| 7 |
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| 7 |
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| 7 |
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| 7 |
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| 7 |
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| 5 | |
Combined fixed charges and preferred stock dividends for purpose of ratio |
| $ | 115 |
| $ | 126 |
| $ | 161 |
| $ | 201 |
| $ | 228 |
| $ | 179 | |
Earnings: |
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Pretax income from continuing operations |
| $ | 451 |
| $ | 550 |
| $ | 531 |
| $ | 692 |
| $ | 705 |
| $ | 440 | |
Total fixed charges (from above) |
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| 108 |
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| 119 |
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| 154 |
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| 194 |
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| 221 |
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| 174 | |
Less: Interest capitalized |
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| 13 |
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| 4 |
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| 1 |
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| 1 |
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| - |
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| - | |
Total earnings for purpose of ratio |
| $ | 546 |
| $ | 665 |
| $ | 684 |
| $ | 885 |
| $ | 926 |
| $ | 614 | |
Ratio of earnings to combined fixed charges and preferred stock dividends |
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| 4.75 |
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| 5.28 |
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| 4.25 |
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| 4.40 |
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| 4.06 |
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| 3.43 | |
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Ratio of earnings to fixed charges |
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| 5.06 |
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| 5.59 |
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| 4.44 |
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| 4.56 |
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| 4.19 |
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| 3.53 | |
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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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Southern California Gas Company PFD 6% (SOCGM)
Filed: 5 Nov 13, 12:00am