EX-12 3 scgexhibit122.htm EXHIBIT 12.2 Exhibit 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months

 

 

 

 

 

 

 

 

 

 

 

 

 

ended

 

 

 

2002

 

2003

 

2004

 

2005

 

2006

 

June 30, 2007

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 $                47

 

 $                48

 

 $                40

 

 $                50

 

 $                  72

 

 $                  36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of annual rentals

 

                    2

 

                    2

 

                    2

 

                    3

 

                    4

 

                    2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

                  49

 

                  50

 

                  42

 

                  53

 

                  76

 

                  38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends (1)

 

                    2

 

                    2

 

                    2

 

                    2

 

                    2

 

                    1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred stock dividends for purpose of ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 $                51

 

 $                52

 

 $                44

 

 $                55

 

 $                78

 

 $                39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

 $              391

 

 $              360

 

 $              387

 

 $              309

 

 $              397

 

 $              188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: total fixed charges (from above)

 

                  49

 

                  50

 

                  42

 

                  53

 

                  76

 

                  38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:  interest capitalized

 

                   -   

 

                   -   

 

                   -   

 

                   -   

 

                    1

 

                   -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings for purpose of ratio

 

 $              440

 

 $              410

 

 $              429

 

 $              362

 

 $              472

 

 $              226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                8.63

 

                7.88

 

                9.75

 

                6.58

 

                6.05

 

                5.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

                8.98

 

                8.20

 

              10.21

 

                6.83

 

                6.21

 

                5.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.