EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
1990 1991 1992 1993 1994
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Fixed Charges:
Interest:
Long-Term Debt $ 97,894 $ 98,802 $100,776 $ 93,402 $ 93,076
Short-Term Debt 12,301 8,234 6,242 7,980 10,322
Amortization of Debt
Discount and Expense,
Less Premium 2,465 2,471 2,881 4,162 4,604
Interest Portion of
Annual Rentals 20,898 18,067 14,677 19,206 21,998
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Total Fixed
Charges 133,558 127,574 124,576 124,750 130,000
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Preferred Dividends
Requirements 10,863 10,535 9,600 8,565 7,663
Ratio of Income Before
Tax to Net Income 1.75499 1.63017 1.72369 1.67794 1.90447
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Preferred Dividends
for Purpose of Ratio 19,064 17,174 16,547 14,372 14,594
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Total Fixed Charges
and Preferred
Dividends for
Purpose of Ratio $152,622 $144,748 $141,123 $139,122 $144,594
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Earnings:
Net Income (before
preferred dividend
requirements) $207,841 $208,060 $210,657 $218,715 $143,477
Add:
Fixed Charges
(from above) 133,558 127,574 124,576 124,750 130,000
Less: Fixed Charges
Capitalized 3,306 2,907 2,242 5,789 6,792
Taxes on Income 156,917 131,114 152,451 148,275 129,771
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Total Earnings for
Purpose of Ratio $495,010 $463,841 $485,442 $485,951 $396,456
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Dividends 3.24 3.20 3.44 3.49 2.74
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