EX-12 3 pecoverageratioq202.txt EXHIBIT 12.1 EXHIBIT 12.1 PACIFIC ENTERPRISES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in millions)
Six months ended June 30, 1997 1998 1999 2000 2001 2002 -------- -------- -------- -------- -------- --------- Fixed Charges: Interest $ 91 $ 84 $ 82 $ 72 $ 88 $ 31 Interest portion of annual rentals 12 11 3 4 3 1 Preferred dividends of subsidiaries (1) 13 2 2 2 2 2 -------- -------- -------- -------- -------- --------- Total Fixed Charges for Purpose of Ratio $116 $ 97 $ 87 $ 78 $ 93 $ 34 ======== ======== ======== ======== ======== ========= Earnings: Pretax income from continuing operations $335 $274 $350 $396 $377 $195 Total Fixed Charges (from above) 116 97 87 78 93 34 -------- -------- -------- -------- ------- --------- Total Earnings for Purpose of Ratio $451 $371 $437 $474 $470 $229 ======== ======== ======== ======== ======= ========== Ratio of Earnings to Fixed Charges 3.89 3.82 5.02 6.08 5.05 6.74 ======== ======== ======== ======== ======= ========== (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.