EX-12 3 scgratios122.htm EXHIBIT 12.2 SoCalGas Ex 12.2



EXHIBIT 12.2

SOUTHERN CALIFORNIA GAS COMPANY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2002

 

2003

 

2004

 

2005

 

2006

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 $                47

 

 $              48

 

 $              40

 

 $              50

 

 $              72

 

 

 

 

 

 

 

 

 

 

 

Interest portion of annual rentals

 

                     2

 

                   2

 

                   2

 

                   3

 

                   4

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

                   49

 

                 50

 

                 42

 

                 53

 

                 76

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends (1)

 

                    2

 

                   2

 

                  2

 

                  2

 

                   2

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred stock

 

 

 

 

 

 

 

 

 

 

    dividends for purpose of ratio

 

 $                51

 

 $              52

 

 $              44

 

 $              55

 

 $              78

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

                391

 

               360

 

               387

 

               309

 

               397

 

 

 

 

 

 

 

 

 

 

 

Add: total fixed charges (from above)

 

                 49

 

                50

 

                 42

 

                 53

 

                 76

 

 

 

 

 

 

 

 

 

 

 

Less:  interest capitalized

 

                 -   

 

                   -   

 

                  -   

 

                 -   

 

                   1

 

 

 

 

 

 

 

 

 

 

 

Total earnings for purpose of ratio

 

 $             440

 

 $            410

 

 $            429

 

 $            362

 

 $            472

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges

 

 

 

 

 

 

 

 

 

 

    and preferred stock dividends

 

               8.63

 

              7.88

 

              9.75

 

              6.58

 

              6.05

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

               8.98

 

              8.20

 

            10.21

 

              6.83

 

              6.21



 

 

 

 

 

 

 

 

 

 

 

(1)  In computing this ratio, “Preferred stock dividends” represents the before-tax earnings necessary to pay such dividends,

 

 

computed at the effective tax rates for the applicable periods.