EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
1991 1992 1993 1994 1995
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Fixed Charges:
Interest:
Long-Term Debt $ 98,000 $99,900 $ 92,596 $ 92,770 $ 95,523
Short-Term Debt 7,429 5,319 7,173 10,015 15,345
Amortization of Debt
Discount and Expense,
Less Premium 2,471 2,881 4,162 4,604 4,870
Interest Portion of
Annual Rentals 18,067 14,563 19,081 21,838 19,371
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Total Fixed
Charges 125,967 122,663 123,012 129,227 135,109
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Preferred Dividends
Requirements 10,535 9,600 8,565 7,663 7,663
Ratio of Income Before
Tax to Net Income 1.61473 1.74291 1.70580 1.94788 1.57657
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Preferred Dividends
for Purpose of Ratio 17,011 16,732 14,610 14,927 12,081
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Total Fixed Charges
and Preferred
Dividends for
Purpose of Ratio $142,978 $139,395 $137,622 $144,154 $147,190
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Earnings:
Net Income (before
preferred dividend
requirements) $208,060 $210,657 $218,715 $143,477 $233,457
Add:
Fixed Charges
(from above) 125,967 122,663 123,012 129,227 135,109
Less: Fixed Charges
Capitalized 2,907 2,407 2,596 2,472 2,785
Taxes on Income 127,900 156,500 154,369 135,999 134,605
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Total Earnings for
Purpose of Ratio $459,020 $487,413 $493,500 $406,231 $500,386
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Dividends 3.21 3.50 3.59 2.82 3.40
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