EX-12 3 pe_ratios2002.txt EXHIBIT 12.01 EXHIBIT 12.1 PACIFIC ENTERPRISES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in millions)
1998 1999 2000 2001 2002 -------- -------- -------- -------- -------- Fixed Charges: Interest $ 84 $ 82 $ 72 $ 88 $ 63 Interest portion of annual rentals 11 3 4 3 2 Preferred dividends of subsidiaries (1) 2 2 2 2 2 -------- -------- -------- -------- -------- Total Fixed Charges for Purpose of Ratio $ 97 $ 87 $ 78 $ 93 $ 67 ======== ======== ======== ======== ======== Earnings: Pretax income from continuing operations $274 $350 $396 $377 $383 Total Fixed Charges (from above) 97 87 78 93 67 -------- -------- -------- ------- --------- Total Earnings for Purpose of Ratio $371 $437 $474 $470 $450 ======== ======== ======== ======= ========= Ratio of Earnings to Fixed Charges 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.