EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
Three Months
Ended
1989 1990 1991 1992 1993 3/31/94
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(Unaudited)
Fixed Charges:
Interest:
Long-Term Debt $ 87,962 $ 97,894 $ 98,802 $100,776 $ 93,402 $ 22,644
Short-Term Debt 13,984 12,301 8,234 6,242 7,980 1,849
Amortization of Debt
Discount and Expense,
Less Premium 2,420 2,465 2,471 2,881 4,162 1,132
Interest Portion of
Annual Rentals 23,664 20,898 18,067 14,677 19,206 5,599
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Total Fixed
Charges 128,030 133,558 127,574 124,576 124,750 31,224
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Preferred Dividends
Requirements 11,202 10,863 10,535 9,600 8,565 1,916
Ratio of Income Before
Tax to Net Income 1.79480 1.75499 1.63017 1.72369 1.67794 1.79729
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Preferred Dividends
for Purpose of Ratio 20,105 19,064 17,174 16,547 14,372 3,444
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Total Fixed Charges
and Preferred
Dividends for
Purpose of Ratio $148,135 $152,622 $144,748 $141,123 $139,122 $ 34,668
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Earnings:
Net Income (before
preferred dividend
requirements) $179,434 $207,841 $208,060 $210,657 $218,715 $ 59,796
Add:
Fixed Charges
(from above) 128,030 133,558 127,574 124,576 124,750 31,224
Less: Fixed Charges
Capitalized 3,481 3,306 2,907 2,242 5,789 1,688
Taxes on Income 142,614 156,917 131,114 152,451 148,275 47,675
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Total Earnings for
Purpose of Ratio $446,597 $495,010 $463,841 $485,442 $485,951 $137,007
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Dividends 3.01 3.24 3.20 3.44 3.49 3.95
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