EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
6 Months
Ended
1991 1992 1993 1994 1995 6/30/96
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Fixed Charges:
Interest:
Long-Term Debt $ 95,124 $ 97,067 $ 84,830 $ 81,749 $ 82,591 $ 38,210
Short-Term Debt 7,010 5,043 6,676 8,894 17,886 6,958
Amortization of Debt
Discount and Expense,
Less Premium 2,471 2,881 4,162 4,604 4,870 2,406
Interest Portion of
Annual Rentals 18,067 14,558 9,881 9,496 9,631 4,361
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Total Fixed
Charges 122,672 119,549 105,549 104,743 114,978 51,935
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Preferred Dividends
Requirements 10,535 9,600 8,565 7,663 7,663 3,291
Ratio of Income Before
Tax to Net Income 1.64160 1.71389 1.79353 1.83501 1.78991 1.96527
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Preferred Dividends
for Purpose of Ratio 17,294 16,453 15,362 14,062 13,716 6,468
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Total Fixed Charges
and Preferred
Dividends for
Purpose of Ratio $139,966 $136,002 $120,911 $118,805 $128,694 $ 58,403
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Earnings:
Net Income (before
preferred dividend
requirements) $202,544 $224,177 $215,872 $206,296 $219,049 $108,744
Add:
Fixed Charges
(from above) 122,672 119,549 105,549 104,743 114,978 51,935
Less: Fixed Charges
Capitalized 2,322 1,262 1,483 1,424 2,040 670
Taxes on Income 129,953 160,038 171,300 172,259 173,029 104,967
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Total Earnings for
Purpose of Ratio $452,847 $502,502 $491,238 $481,874 $505,016 $264,976
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Dividends 3.24 3.69 4.06 4.06 3.92 4.54
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