EX-12 14 scg12_3.htm EXHIBIT 12.3 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2010

 

 

2011

 

 

2012

 

 

2013

 

 

2014

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 $

72

 

 $

77

 

 $

77

 

 $

76

 

 $

77

 

Interest portion of annual rentals

 

 

2

 

 

1

 

 

1

 

 

1

 

 

2

 

Total fixed charges

 

 

74

 

 

78

 

 

78

 

 

77

 

 

79

 

Preferred stock dividends (1)

 

 

2

 

 

2

 

 

2

 

 

2

 

 

2

 

Combined fixed charges and preferred stock dividends for purpose of ratio

 

 $

76

 

 $

80

 

 $

80

 

 $

79

 

 $

81

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

 $

463

 

 $

431

 

 $

369

 

 $

481

 

 $

472

 

Add: Total fixed charges (from above)

 

 

74

 

 

78

 

 

78

 

 

77

 

 

79

 

Less: Interest capitalized

 

 

1

 

 

1

 

 

1

 

 

1

 

 

1

 

Total earnings for purpose of ratio

 

 $

536

 

 $

508

 

 $

446

 

 $

557

 

 $

550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

7.05

 

 

6.35

 

 

5.58

 

 

7.05

 

 

6.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

7.24

 

 

6.51

 

 

5.72

 

 

7.23

 

 

6.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.