EX-12 7 ex122.htm EXHIBIT 12.2 SDG&E 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 September 30,

 

 

 

2008

 

 

2009

 

 

2010

 

 

2011

 

 

2012

 

 

2013

Fixed Charges and Preferred Stock Dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

         107

 

$

         118

 

$

         153

 

$

         193

 

$

         220

 

$

                   173

Interest portion of annual rentals

 

 

             1

 

 

             1

 

 

             1

 

 

             1

 

 

             1

 

 

                       1

Total fixed charges

 

 

         108

 

 

         119

 

 

         154

 

 

         194

 

 

         221

 

 

                   174

Preferred stock dividends (1)

 

 

             7

 

 

             7

 

 

             7

 

 

             7

 

 

             7

 

 

                       5

Combined fixed charges and preferred stock dividends for purpose of ratio

 

$

         115

 

$

         126

 

$

         161

 

$

         201

 

$

         228

 

$

                   179

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

         451

 

$

         550

 

$

         531

 

$

         692

 

$

         705

 

$

                   440

Total fixed charges (from above)

 

 

         108

 

 

         119

 

 

         154

 

 

         194

 

 

         221

 

 

                   174

Less: Interest capitalized

 

 

           13

 

 

             4

 

 

             1

 

 

             1

 

 

           -   

 

 

                     -   

Total earnings for purpose of ratio

 

$

         546

 

$

         665

 

$

         684

 

$

         885

 

$

         926

 

$

                   614

Ratio of earnings to combined fixed charges   and preferred stock dividends

 

 

        4.75

 

 

        5.28

 

 

        4.25

 

 

        4.40

 

 

        4.06

 

 

                  3.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

        5.06

 

 

        5.59

 

 

        4.44

 

 

        4.56

 

 

        4.19

 

 

                  3.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.