EX-12 11 ex121.htm EXHIBIT 12.1 Exhibit 12.1




 

EXHIBIT 12.1

SEMPRA ENERGY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

 

2009

 

 

2010

 

 

2011

 

 

2012

 

 

2013

 

 

2014

Fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 $

455

 

 $

492

 

 $

549

 

 $

601

 

 $

620

 

 $

470

Interest portion of annual rentals

 

 

2

 

 

3

 

 

2

 

 

2

 

 

2

 

 

2

Preferred dividends of subsidiaries (1)

 

 

13

 

 

11

 

 

10

 

 

6

 

 

6

 

 

1

     Total fixed charges

 

 

470

 

 

506

 

 

561

 

 

609

 

 

628

 

 

473

Preferred dividends for purpose of ratio

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 Total fixed charges and preferred  dividends for purpose of ratio                        

 

 $

470

 

 $

506

 

 $

561

 

 $

609

 

 $

628

 

 $

473

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before adjustment for income or loss from equity investees

 

 $

977

 

 $

1,078

 

 $

1,747

 

 $

1,255

 

 $

1,399

 

 $

1,148

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Total fixed charges (from above)

 

 

470

 

 

506

 

 

561

 

 

609

 

 

628

 

 

473

  Distributed income of equity investees

 

 

493

 

 

260

 

 

96

 

 

50

 

 

51

 

 

39

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Interest capitalized

 

 

73

 

 

74

 

 

27

 

 

53

 

 

23

 

 

23

  Preferred dividends of subsidiaries (1)

 

 

13

 

 

11

 

 

10

 

 

6

 

 

6

 

 

1

Total earnings for purpose of ratio

 

 $

1,854

 

 $

1,759

 

 $

2,367

 

 $

1,855

 

 $

2,049

 

 $

1,636

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

3.94

 

 

3.48

 

 

4.22

 

 

3.05

 

 

3.26

 

 

3.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

3.94

 

 

3.48

 

 

4.22

 

 

3.05

 

 

3.26

 

 

3.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.