EX-12.02 15 exhibit12_2.htm PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS exhibit12_2.htm
EXHIBIT 12.2
PACIFIC GAS AND ELECTRIC COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

   
Three Months
        
   
Ended
        
   
March 31,
    
Year Ended December 31,
  
   
2013
    
2012
    
2011
    
2010
    
2009
    
2008
  
Earnings:
                                    
Net income
   $ 237     $ 811     $ 845     $ 1,121     $ 1,250     $ 1,199  
Income taxes provision
     121       298       480       574       482       488  
Fixed charges
     227       891       880       799       817       860  
Total earnings
   $ 585     $ 2,000     $ 2,205     $ 2,494     $ 2,549     $ 2,547  
Fixed charges:
                                                
Interest on short-term borrowings
and long-term debt, net
   $ 212     $ 834     $ 824     $ 731     $ 754     $ 794  
Interest on capital leases
     2       9       16       18       19       22  
AFUDC debt
     13       48       40       50       44       44  
Total fixed charges
   $ 227     $ 891     $ 880     $ 799     $ 817     $ 860  
Preferred stock dividends:
                                                
Tax deductible dividends
   $ 2     $ 9     $ 9     $ 9     $ 9     $ 9  
Pre-tax earnings required to cover
non-tax deductible preferred stock
dividend requirements
     2       7       8       7       7       7  
Total preferred stock dividends
   $ 4     $ 16     $ 17     $ 16     $ 16     $ 16  
Total combined fixed charges
and preferred stock dividends
   $ 231     $ 907     $ 897     $ 815     $ 833     $ 876  
Ratios of earnings to combined fixed charges and preferred stock dividends
     2.53       2.21       2.46       3.06       3.06       2.91  
 
Note:
For the purpose of computing Pacific Gas and Electric Company’s ratios of earnings to combined fixed charges and preferred stock dividends, “earnings” represent net income adjusted for the income or loss from equity investees of less than 100% owned affiliates, equity in undistributed income or losses of less than 50% owned affiliates, income taxes and fixed charges (excluding capitalized interest).  “Fixed charges” include interest on long-term debt and short-term borrowings (including a representative portion of rental expense), amortization of bond premium, discount and expense, interest on capital leases, AFUDC debt, and earnings required to cover the preferred stock dividend requirements. “Preferred stock dividends” represent tax deductible dividends and pre-tax earnings that are required to pay the dividends on outstanding preferred securities.  Fixed charges exclude interest on tax liabilities.