EX-12 3 0003.txt EXHIBIT 12.1 SEMPRA ENERGY COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Dollars in millions)
For the six Months Ended 1995 1996 1997 1998 1999 2000 --------- --------- -------- -------- -------- -------- Fixed Charges and Preferred Stock Dividends: Interest $ 227 $ 205 $ 209 $ 210 $ 233 165 Interest Portion of Annual Rentals 32 28 25 20 10 5 Preferred dividends of subsidiaries (1) 50 37 31 18 16 9 --------- --------- -------- -------- -------- -------- Total Fixed Charges and Preferred Stock Dividends For Purpose of Ratio $ 309 $ 270 $ 265 $ 248 $ 259 $ 179 ========= ======== ======== ======== ======== ======== Earnings: Pretax income from continuing operations $ 665 $ 727 $ 733 $ 432 $ 573 $ 340 Add: Fixed charges (from above) 309 270 265 248 259 179 Less: Fixed charges capitalized 6 5 3 3 5 2 --------- -------- -------- -------- -------- -------- Fixed charges net of capitalized charges 303 265 262 245 254 177 --------- -------- -------- -------- -------- -------- Total Earnings for Purpose of Ratio $ 968 $ 992 $ 995 $ 677 $ 827 $ 517 ========= ======== ======== ======== ======== ======== Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends 3.13 3.67 3.75 2.73 3.19 2.89 ========= ======== ======== ======== ======== ======== (1) In computing this ratio, "Preferred dividends of subsidiaries" represents the before-tax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods.