EX-12 3 pescgex122.htm EXHIBIT 12.2 PE/SocalGas 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

 

2003

 

2004

 

2005

 

2006

 

2007

 

2008

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 $               48

 

 $               40

 

 $               50

 

 $               72

 

 $               72

 

 $               31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of annual rentals

 

 

                    2

 

                    2

 

                    3

 

                    4

 

                    3

 

                    1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

 

                  50

 

                  42

 

                  53

 

                  76

 

                  75

 

                  32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends (1)

 

 

                    2

 

                    2

 

                    2

 

                    2

 

                    2

 

                    1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred stock dividends for purpose of ratio

 

 

 $               52

 

 $               44

 

 $               55

 

 $               78

 

 $               77

 

 $               33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

 

 $             360

 

 $             387

 

 $             309

 

 $             397

 

 $             391

 

 $             190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: total fixed charges (from above)

 

 

                  50

 

                  42

 

                  53

 

                  76

 

                  75

 

                  32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:  interest capitalized

 

 

                   -   

 

                   -   

 

                   -   

 

                    1

 

                    1

 

                   -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings for purpose of ratio

 

 

 $             410

 

 $             429

 

 $             362

 

 $             472

 

 $             465

 

 $             222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

                7.88

 

                9.75

 

                6.58

 

                6.05

 

                6.04

 

                6.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

               8.20

 

             10.21

 

               6.83

 

               6.21

 

               6.20

 

               6.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.