EX-12 3 peratiosq32003.txt EX 12.1 EXHIBIT 12.1 PACIFIC ENTERPRISES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in millions)
Nine months ended September 30, 1998 1999 2000 2001 2002 2003 -------- -------- -------- -------- -------- ----------- Fixed Charges: Interest $ 84 $ 82 $ 72 $ 88 $ 63 $ 40 Interest portion of annual rentals 11 3 4 3 2 1 Preferred dividends of subsidiaries (1) 2 2 2 2 2 2 -------- -------- -------- -------- -------- --------- Total Fixed Charges for Purpose of Ratio $ 97 $ 87 $ 78 $ 93 $ 67 $ 43 ======== ======== ======== ======== ======== ========= Earnings: Pretax income from continuing operations $274 $350 $396 $377 $383 $261 Total Fixed Charges (from above) 97 87 78 93 67 43 -------- -------- -------- -------- ------- --------- Total Earnings for Purpose of Ratio $371 $437 $474 $470 $450 $304 ======== ======== ======== ======== ======= ========== Ratio of Earnings to Fixed Charges 3.82 5.02 6.08 5.05 6.72 7.07 ======== ======== ======== ======== ======= ========== (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.