EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
1994 1995 1996 1997 1998* 1998**
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Fixed Charges:
Interest:
Long-Term Debt $ 81,749 $ 82,591 $ 76,463 $ 69,546 $ 54,664 $ 54,664
Short-Term Debt 8,894 17,886 12,635 13,825 12,933 12,933
Rate Reduction Bonds -- -- -- -- -- 40,912
Amortization of Debt
Discount and Expense,
Less Premium 4,604 4,870 4,881 5,154 7,749 7,749
Interest Portion of
Annual Rentals 9,496 9,631 8,446 9,496 8,250 8,250
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Total Fixed
Charges 104,743 114,978 102,425 98,021 83,596 124,508
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Preferred Dividends
Requirements 7,663 7,663 6,582 6,582 6,582 6,582
Ratio of Income Before
Tax to Net Income 1.83501 1.78991 1.88864 1.91993 1.73993 1.73993
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Preferred Dividends
for Purpose of Ratio 14,062 13,716 12,431 12,637 11,452 11,452
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Total Fixed Charges
and Preferred
Dividends for
Purpose of Ratio $118,805 $128,694 $114,856 $110,658 $ 95,048 $135,960
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Earnings:
Net Income (before
preferred dividend
requirements) $206,296 $219,049 $222,765 $238,232 $191,204 $191,204
Add:
Fixed Charges
(from above) 104,743 114,978 102,425 98,021 83,596 124,508
Less: Fixed Charges
Capitalized 1,424 2,040 1,495 2,052 846 846
Taxes on Income 172,259 173,029 197,958 219,156 141,477 141,477
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Total Earnings for
Purpose of Ratio $481,874 $505,016 $521,653 $553,357 $415,431 $456,343
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Dividends 4.06 3.92 4.54 5.00 4.37 3.36
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* Not including interest for rate reduction bonds.
** Including interest for rate reduction bonds.