Exhibit 12.1 SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
6 Months
Ended
1990 1991 1992 1993 1994 6/30/95
--------- ---------- ---------- ---------- ---------- ----------
Fixed Charges:
Interest:
Long-Term Debt $ 97,894 $ 98,802 $100,776 $ 93,402 $ 93,076 $ 49,646
Short-Term Debt 12,301 8,234 6,242 7,980 10,322 6,413
Amortization of Debt
Discount and Expense,
Less Premium 2,465 2,471 2,881 4,162 4,604 2,478
Interest Portion of
Annual Rentals 20,898 18,067 14,677 19,206 21,998 11,367
---------- ---------- ----------- --------- ----------- ----------
Total Fixed
Charges 133,558 127,574 124,576 124,750 130,000 69,904
---------- ---------- ----------- --------- ----------- ----------
Preferred Dividends
Requirements 10,863 10,535 9,600 8,565 7,663 3,831
Ratio of Income Before
Tax to Net Income 1.75499 1.63017 1.72369 1.67794 1.90447 1.76441
---------- ----------- ----------- ---------- ---------- ----------
Preferred Dividends
for Purpose of Ratio 19,064 17,174 16,547 14,372 14,594 6,759
---------- ----------- ----------- ---------- ---------- ----------
Total Fixed Charges
and Preferred
Dividends for
Purpose of Ratio $152,622 $144,748 $141,123 $139,122 $144,594 $ 76,663
========== =========== ========= ======== ========== Earnings:
Net Income (before
preferred dividend
requirements) $207,841 $208,060 $210,657 $218,715 $143,477 $111,066
Add:
Fixed Charges
(from above) 133,558 127,574 124,576 124,750 130,000 69,904
Less: Fixed Charges
Capitalized 3,306 2,907 2,242 5,789 6,792 3,552
Taxes on Income 156,917 131,114 152,451 148,275 129,771 84,900
---------- ---------- ---------- ---------- ----------- ---------
Total Earnings for
Purpose of Ratio $495,010 $463,841 $485,442 $485,951 $396,456 $262,318
========== ========== ========== ========== =========== ==========
Ratio of Earnings
to Combined Fixed
Charges and Preferred
Dividends 3.24 3.20 3.44 3.49 2.74 3.42
========== ========== ========== ========== ========== ==========