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EXHIBIT 12.1 |
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PACIFIC ENTERPRISES |
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES |
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(Dollars in millions) |
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Quarter ended |
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2000 |
2001 |
2002 |
2003 |
2004 |
March 31, 2005 |
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Fixed Charges: |
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Interest |
$ 72 |
$ 88 |
$ 63 |
$ 54 |
$ 47 |
$ 12 |
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Interest portion of annual rentals |
4 |
3 |
2 |
2 |
2 |
1 |
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Preferred dividends of subsidiaries (1) |
2 |
2 |
2 |
2 |
2 |
1 |
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Total fixed charges for purpose of ratio |
$ 78 |
$ 93 |
$ 67 |
$ 58 |
$ 51 |
$ 14 |
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Earnings: |
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Pretax income from continuing operations |
$ 396 |
$ 377 |
$ 383 |
$ 361 |
$ 391 |
$ 117 |
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Total fixed charges (from above) |
78 |
93 |
67 |
58 |
51 |
14 |
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Total earnings for purpose of ratio |
$ 474 |
$ 470 |
$ 450 |
$ 419 |
$ 442 |
$ 131 |
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Ratio of earnings to fixed charges |
6.08 |
5.05 |
6.72 |
7.22 |
8.67 |
9.36 |
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(1) In computing this ratio, "Preferred dividends of subsidiaries" represents the before-tax earnings necessary to pay such dividends, |
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computed at the effective tax rates for the applicable periods. |
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