EX-12 8 ex123.htm EXHIBIT 12.3 SoCalGas Exhibit 12.3




EXHIBIT 12.3

 

 

SOUTHERN CALIFORNIA GAS 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

           65

 

$

           74

 

$

           72

 

$

           77

 

$

           77

 

$

                 57

Interest portion of annual rentals

 

 

             2

 

 

             1

 

 

             2

 

 

             1

 

 

             1

 

 

                   1

Total fixed charges

 

 

           67

 

 

           75

 

 

           74

 

 

           78

 

 

           78

 

 

                 58

Preferred stock dividends (1)

 

 

             2

 

 

             2

 

 

             2

 

 

             2

 

 

             2

 

 

                   1

Combined fixed charges and preferred stock dividends for purpose of ratio

 

$

           69

 

$

           77

 

$

           76

 

$

           80

 

$

           80

 

$

                 59

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

         385

 

$

         418

 

$

         463

 

$

         431

 

$

         369

 

$

               374

Add: Total fixed charges (from above)

 

 

           67

 

 

           75

 

 

           74

 

 

           78

 

 

           78

 

 

                 58

Less: Interest capitalized

 

 

           -   

 

 

             1

 

 

             1

 

 

             1

 

 

             1

 

 

                  -   

Total earnings for purpose of ratio

 

$

         452

 

$

         492

 

$

         536

 

$

         508

 

$

         446

 

$

               432

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

        6.55

 

 

        6.39

 

 

        7.05

 

 

        6.35

 

 

        5.58

 

 

              7.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

        6.75

 

 

        6.56

 

 

        7.24

 

 

        6.51

 

 

        5.72

 

 

              7.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.