EX-12 3 sdgeratiosq12003.txt 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 month ended March 31, 1999 2000 2001 2002 2003 -------- -------- -------- -------- -------- Fixed Charges and Preferred Stock Dividends: Interest $131 $119 $ 96 $ 83 $ 19 Interest portion of annual rentals 5 3 3 4 1 -------- -------- -------- -------- -------- Total Fixed Charges 136 122 99 87 20 Preferred Stock Dividends(1) 10 13 11 9 4 -------- -------- -------- -------- -------- Combined Fixed Charges and Preferred Stock Dividends For Purpose of Ratio $146 $135 $110 $ 96 $ 24 ======== ======== ======== ======== ======== Earnings: Pretax income from continuing operations $325 $295 $324 $300 $ 90 Total Fixed Charges (from above) 136 122 99 87 20 Less: Interest capitalized 1 3 1 1 0 -------- -------- -------- -------- -------- Total Earnings for Purpose of Ratio $460 $414 $422 $386 $110 ======== ======== ======== ======== ======== Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends 3.15 3.07 3.84 4.02 4.58 ======== ======== ======== ======== ======== (1) In computing this ratio, "Preferred dividends" represents the before-tax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods.