EX-12 3 pecoverageratioq12002.txt EXHIBIT 12.1 PE RATIOS EXHIBIT 12.1 PACIFIC ENTERPRISES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES (Dollars in millions)
Three months ended March 31, 1997 1998 1999 2000 2001 2002 -------- -------- -------- -------- -------- --------- Fixed Charges: Interest $ 91 $ 84 $ 82 $ 72 $ 88 $ 18 Interest portion of annual rentals 12 11 3 4 3 - Preferred dividends of subsidiaries (1) 13 2 2 2 2 - -------- -------- -------- -------- -------- --------- Combined Fixed Charges and Preferred Stock Dividends for Purpose of Ratio $116 $ 97 $ 87 $ 78 $ 93 $ 18 ======== ======== ======== ======== ======== ========= Earnings: Pretax income from continuing operations $335 $274 $350 $396 $377 $103 Add Total Fixed Charges (from above) 116 97 87 78 93 18 -------- -------- -------- -------- ------- --------- Total Earnings for Purpose of Ratio $451 $371 $437 $474 $470 $121 ======== ======== ======== ======== ======= ========== Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends 3.89 3.82 5.02 6.08 5.05 6.72 ======== ======== ======== ======== ======= ========== (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.