EX-12 10 ex122.htm EXHIBIT 12.2 Exhibit 12.2




Exhibit 12.2


EXHIBIT 12.2

 

SAN DIEGO GAS & ELECTRIC COMPANY

 

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

 

AND PREFERRED STOCK DIVIDENDS

 

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2004

 

2005

 

2006

 

2007

 

2008

 

Fixed Charges and Preferred Stock Dividends: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 $                 71

 

 $                 77

 

 $               102

 

 $               105

 

 $               107

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of annual rentals

 

2

 

3

 

                     3

 

                     3

 

                     1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

73

 

80

 

                  105

 

                  108

 

                  108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends (1)

 

8

 

6

 

                     8

 

                     7

 

                     7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred stock dividends for purpose of ratio 

 

 $                 81

 

 $                 86

 

 $               113

 

 $               115

 

 $               115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

 $               361

 

 $               356

 

 $               394

 

 $               423

 

 $               505

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges (from above)

 

73

 

80

 

                  105

 

                  108

 

                  108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Minority interest

 

                      -

 

                      -

 

                      -

 

                    17

 

                    54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Interest capitalized

 

                     1

 

                     1

 

                     1

 

                     3

 

                    13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings for purpose of ratio

 

 $               433

 

 $               435

 

 $               498

 

 $               511

 

 $               546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

                 5.35

 

                 5.06

 

                 4.41

 

                 4.44

 

                 4.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

                 5.93

 

                 5.44

 

                 4.74

 

                 4.73

 

                 5.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.