EX-12 3 pecoverageratiosq32001.htm EXHIBIT 12.1 PACIFIC ENTERPRISES COVERAGE RATIOS Pacific Enterprises Exhibit 12.1

EXHIBIT 12.1

PACIFIC ENTERPRISES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

 

 

 

1996
------

 

 

1997
------

 

 

1998
------

 

 

1999
------

 

 

2000
------

For the nine months ended Sept 30, 2001
------

Fixed Charges and Preferred Stock Dividends:

           

Interest

$99

$91

$84

$82

$72

$72

Interest Portion of Annual Rentals

12

12

11

3

4

2

Preferred dividends of subsidiary (1)

14
------

13
------

2
------

2
------

2
------

2
------

Total Fixed Charges and Preferred Stock For Purpose of Ratio

$125
======

$116
======

$97
======

$87
======

$78
======

$76
======

Earnings:

           

Pretax income from continuing operations

$354

$335

$274

$350

$396

$291

Add:

           

Fixed charges (from above)

125

116

97

87

78

76

Less: Fixed charges capitalized

2
------

1
------

1
------

2
------

2
------

2
------

Fixed charges net of capitalized charges

123
------

115
------

96
------

85
------

76
------

74
------

Total Earnings for Purpose of Ratio

$477
======

$450
======

$370
======

$435
======

$472
======

$365
======

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

3.82
======

3.88
======

3.81
======

5.00
======

6.05
======

4.80
======

(1) In computing this ratio, "Preferred dividends of subsidiaries" represents the before-tax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods.