EX-12 3 sdgecoverageratios302.txt EXHIBIT 12.1 RATIOS EXHIBIT 12.1 SAN DIEGO GAS & ELECTRIC COMPANY COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Dollars in millions)
For the three months ended March 31, 1997 1998 1999 2000 2001 2002 -------- -------- -------- -------- -------- -------- Fixed Charges and Preferred Stock Dividends: Interest $ 88 $118 $131 $119 $ 96 $ 22 Interest portion of annual rentals 10 7 5 3 3 1 -------- -------- -------- -------- -------- -------- Total Fixed Charges 98 125 136 122 99 23 Preferred Stock Dividends(1) 13 11 10 13 11 4 -------- -------- -------- -------- -------- -------- Combined Fixed Charges and Preferred Stock Dividends for Purpose of Ratio $111 $136 $146 $135 $110 $ 27 ======== ======== ======== ======== ======== ======== Earnings: Pretax income from continuing operations $457 $332 $325 $295 $324 $101 Total Fixed Charges (from above) 98 125 136 122 99 23 Less interest capitalized (2) (1) (1) (3) (1) - -------- -------- -------- -------- -------- -------- Total Earnings for Purpose of Ratio $553 $456 $460 $414 $422 $124 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends 4.98 3.35 3.15 3.07 3.84 4.59 ======== ======== ======== ======== ======== ======== (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.