EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
3 Months
Ended
1992 1993 1994 1995 1996 3/31/97
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Fixed Charges:
Interest:
Long-Term Debt $ 97,067 $ 84,830 $ 81,749 $ 82,591 $ 76,463 $ 17,925
Short-Term Debt 5,043 6,676 8,894 17,886 12,635 2,612
Amortization of Debt
Discount and Expense,
Less Premium 2,881 4,162 4,604 4,870 4,881 1,260
Interest Portion of
Annual Rentals 14,558 9,881 9,496 9,631 8,446 2,476
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Total Fixed
Charges 119,549 105,549 104,743 114,978 102,425 24,273
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Preferred Dividends
Requirements 9,600 8,565 7,663 7,663 6,582 1,646
Ratio of Income Before
Tax to Net Income 1.71389 1.79353 1.83501 1.78991 1.88864 1.96167
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Preferred Dividends
for Purpose of Ratio 16,453 15,362 14,062 13,716 12,431 3,229
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Total Fixed Charges
and Preferred
Dividends for
Purpose of Ratio $136,002 $120,911 $118,805 $128,694 $114,856 $ 27,502
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Earnings:
Net Income (before
preferred dividend
requirements) $224,177 $215,872 $206,296 $219,049 $222,765 $ 41,929
Add:
Fixed Charges
(from above) 119,549 105,549 104,743 114,978 102,425 24,273
Less: Fixed Charges
Capitalized 1,262 1,483 1,424 2,040 1,495 814
Taxes on Income 160,038 171,300 172,259 173,029 197,958 40,322
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Total Earnings for
Purpose of Ratio $502,502 $491,238 $481,874 $505,016 $521,653 $105,710
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Dividends 3.69 4.06 4.06 3.92 4.54 3.84
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