EX-12 11 ex122.htm EXHIBIT 12.2 Exhibit 12.2




 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT 12.2

SAN DIEGO GAS & ELECTRIC COMPANY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 March 31,

 

 

2008

 

2009

 

2010

 

2011

 

2012

 

2013

Fixed Charges and Preferred Stock Dividends:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$           107

 

$           118

 

$           153

 

$           193

 

$           220

 

$             57

Interest portion of annual rentals

 

1

 

1

 

1

 

1

 

1

 

-

Total fixed charges

 

108

 

119

 

154

 

194

 

221

 

57

Preferred stock dividends (1)

 

7

 

7

 

7

 

7

 

7

 

2

Combined fixed charges and preferred stock dividends for purpose of ratio

 

$           115

 

$           126

 

$           161

 

$           201

 

$           228

 

$             59

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$           451

 

$           550

 

$           531

 

$           692

 

$           705

 

$           132

Total fixed charges (from above)

 

108

 

119

 

154

 

194

 

221

 

57

Less: Interest capitalized

 

13

 

4

 

1

 

1

 

-

 

-

Total earnings for purpose of ratio

 

$           546

 

$           665

 

$           684

 

$           885

 

$           926

 

$           189

Ratio of earnings to combined fixed charges and preferred stock dividends

 

4.75

 

5.28

 

4.25

 

4.40

 

4.06

 

3.20

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

5.06

 

5.59

 

4.44

 

4.56

 

4.19

 

3.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.