EX-12 3 0003.txt COMPUTATION OF RATIOS EXHIBIT 12.1 SEMPRA ENERGY COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Dollars in millions)
1996 1997 1998 1999 2000 --------- -------- -------- -------- -------- Fixed Charges and Preferred Stock Dividends: Interest $ 205 $ 209 $ 210 $ 233 305 Interest Portion of Annual Rentals 28 25 20 10 8 Preferred dividends of subsidiaries (1) 37 31 18 16 18 --------- -------- -------- -------- -------- Total Fixed Charges and Preferred Stock Dividends For Purpose of Ratio $ 270 $ 265 $ 248 $ 259 $ 331 ======== ======== ======== ======== ======== Earnings: Pretax income from continuing operations $ 727 $ 733 $ 432 $ 573 $ 699 Add: Fixed charges (from above) 270 265 248 259 331 Less: Fixed charges capitalized 5 3 3 5 5 Equity income of uncon- solidated subsidiaries and joint ventures - - - - 62 -------- -------- -------- -------- -------- Total Earnings for Purpose of Ratio $ 992 $ 995 $ 677 $ 827 $ 963 ======== ======== ======== ======== ======== Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends 3.67 3.75 2.73 3.19 2.91 ======== ======== ======== ======== ======== (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.