EXHIBIT 12.1
SOUTHERN CALIFORNIA GAS COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
| 2001 | 2002 | 2003 | 2004 | 2005 | Three Months March 31, 2006 | |||||||||||||
Fixed Charges and Preferred Stock Dividends: | ||||||||||||||||||
Interest | $ | 70 | $ | 47 | $ | 48 | $ | 40 | $ | 50 | $ | 19 | ||||||
Interest portion of annual rentals | 3 | 2 | 2 | 2 | 3 | 1 | ||||||||||||
Total fixed charges | 73 | 49 | 50 | 42 | 53 | 20 | ||||||||||||
Preferred stock dividends (1) | 2 | 2 | 2 | 2 | 2 | 1 | ||||||||||||
Combined fixed charges and preferred stock dividends for purpose of ratio | $ | 75 | $ | 51 | $ | 52 | $ | 44 | $ | 55 | $ | 21 | ||||||
Earnings: | ||||||||||||||||||
Pretax income from continuing operations | $ | 377 | $ | 391 | $ | 360 | $ | 387 | $ | 309 | $ | 86 | ||||||
Total fixed charges (from above) | 73 | 49 | 50 | 42 | 53 | 20 | ||||||||||||
Less: interest capitalized | — | — | — | — | — | — | ||||||||||||
Total earnings for purpose of ratio | $ | 450 | $ | 440 | $ | 410 | $ | 429 | $ | 362 | $ | 106 | ||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 6.00 | 8.63 | 7.88 | 9.75 | 6.58 | 5.05 | ||||||||||||
Ratio of earnings to fixed charges | 6.16 | 8.98 | 8.20 | 10.21 | 6.83 | 5.30 | ||||||||||||
| (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 |