EX-12 5 sempra121.htm EXHIBIT 12.1 Sempra Energy Exhibit 12.1




 

EXHIBIT 12.1

SEMPRA ENERGY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

 

2011

 

 

2012

 

 

2013

 

 

2014

 

 

2015

 

 

2016

Fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 $

         549

 

 $

         601

 

 $

         620

 

 $

         636

 

 $

         677

 

 $

               353

Interest portion of annual rentals

 

 

             2

 

 

             2

 

 

             2

 

 

             3

 

 

             2

 

 

                   1

Preferred dividends of subsidiaries (1)

 

 

           10

 

 

             6

 

 

             6

 

 

             1

 

 

             2

 

 

                   1

Total fixed charges

 

 

         561

 

 

         609

 

 

         628

 

 

         640

 

 

         681

 

 

               355

Preferred dividends for purpose of ratio

 

 

           -   

 

 

           -   

 

 

           -   

 

 

           -   

 

 

           -   

 

 

                 -   

Combined fixed charges and preferred dividends for purpose of ratio                        

 

 $

         561

 

 $

         609

 

 $

         628

 

 $

         640

 

 $

         681

 

 $

               355

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before adjustment for income or loss from equity investees

 

 $

      1,747

 

 $

      1,255

 

 $

      1,399

 

 $

      1,443

 

 $

      1,600

 

 $

               351

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Total fixed charges (from above)

 

 

         561

 

 

         609

 

 

         628

 

 

         640

 

 

         681

 

 

               355

  Distributed income of equity investees

 

 

           96

 

 

           50

 

 

           51

 

 

           61

 

 

           83

 

 

                 36

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Interest capitalized

 

 

           27

 

 

           53

 

 

           23

 

 

           40

 

 

           69

 

 

                 40

  Preferred dividends of subsidiaries (1)

 

 

           10

 

 

             6

 

 

             6

 

 

             1

 

 

             2

 

 

                   1

Total earnings for purpose of ratio

 

 $

      2,367

 

 $

      1,855

 

 $

      2,049

 

 $

      2,103

 

 $

      2,293

 

 $

               701

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

        4.22

 

 

        3.05

 

 

        3.26

 

 

        3.29

 

 

        3.37

 

 

              1.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

        4.22

 

 

        3.05

 

 

        3.26

 

 

        3.29

 

 

        3.37

 

 

              1.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.