EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
1989 1990 1991 1992 1993
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(Unaudited)
Fixed Charges:
Interest:
Long-Term Debt $ 87,962 $ 97,894 $ 98,802 $100,776 $ 93,402
Short-Term Debt 13,984 12,301 8,234 6,242 7,980
Amortization of Debt
Discount and Expense,
Less Premium 2,420 2,465 2,471 2,881 4,162
Interest Portion of
Annual Rentals 23,664 20,898 18,067 14,677 19,206
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Total Fixed
Charges 128,030 133,558 127,574 124,576 124,750
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Preferred Dividends
Requirements 11,202 10,863 10,535 9,600 8,565
Ratio of Income Before
Tax to Net Income 1.79480 1.75499 1.63017 1.72369 1.67794
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Preferred Dividends
for Purpose of Ratio 20,105 19,064 17,174 16,547 14,372
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Total Fixed Charges
and Preferred
Dividends for
Purpose of Ratio $148,135 $152,622 $144,748 $141,123 $139,122
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Earnings:
Net Income (before
preferred dividend
requirements) $179,434 $207,841 $208,060 $210,657 $218,715
Add:
Fixed Charges
(from above) 128,030 133,558 127,574 124,576 124,750
Less: Fixed Charges
Capitalized 3,481 3,306 2,907 2,242 5,789
Taxes on Income 142,614 156,917 131,114 152,451 148,275
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Total Earnings for
Purpose of Ratio $446,597 $495,010 $463,841 $485,442 $485,951
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Dividends 3.01 3.24 3.20 3.44 3.49
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