EX-12 8 ex123.htm EXHIBIT 12.3 SCG exhibit 12.3




 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT 12.3

SOUTHERN CALIFORNIA GAS COMPANY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

2007

 

2008

 

2009

 

2010

 

2011

 

2012

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest

$             72

 

$             65

 

$             74

 

$             72

 

$             77

 

$                57

Interest portion of annual rentals

3

 

2

 

1

 

2

 

1

 

1

Total fixed charges

75

 

67

 

75

 

74

 

78

 

58

Preferred stock dividends (1)

2

 

2

 

2

 

2

 

2

 

2

Combined fixed charges and preferred stock dividends for purpose of ratio

$             77

 

$             69

 

$             77

 

$             76

 

$             80

 

$                60

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

$            391

 

$            385

 

$            418

 

$            463

 

$            431

 

$              296

Add: Total fixed charges (from above)

75

 

67

 

75

 

74

 

78

 

58

Less: Interest capitalized

1

 

-

 

1

 

1

 

1

 

-

Total earnings for purpose of ratio

$            465

 

$            452

 

$            492

 

$            536

 

$            508

 

$              354

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

6.04

 

6.55

 

6.39

 

7.05

 

6.35

 

5.90

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

6.20

 

6.75

 

6.56

 

7.24

 

6.51

 

6.10

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

In computing this ratio, “Preferred stock dividends” represents the before-tax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods.