EX-12 3 peratiosq2_2003.txt PE COVERAGE RATIOS EXHIBIT 12.1 PACIFIC ENTERPRISES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in millions)
For the six months ended June 30, 1999 2000 2001 2002 2003 -------- -------- -------- -------- -------- Fixed Charges: Interest $ 82 $ 72 $ 88 $ 63 $ 31 Interest portion of annual rentals 3 4 3 2 1 Preferred dividends of subsidiaries (1) 2 2 2 2 2 -------- -------- -------- -------- -------- Total Fixed Charges for Purpose of Ratio $ 87 $ 78 $ 93 $ 67 $ 34 ======== ======== ======== ======== ======== Earnings: Pretax income from continuing operations $350 $396 $377 $383 $168 Total Fixed Charges (from above) 87 78 93 67 34 -------- -------- -------- ------- --------- Total Earnings for Purpose of Ratio $437 $474 $470 $450 $202 ======== ======== ======== ======= ========= Ratio of Earnings to Fixed Charges 5.02 6.08 5.05 6.72 5.94 ======== ======== ======== ======= ========= (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.