EX-12.2 15 sempra-123116xex122.htm EXHIBIT 12.2 Exhibit


 
EXHIBIT 12.2
 
SAN DIEGO GAS & ELECTRIC COMPANY
 
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
 
AND PREFERRED STOCK DIVIDENDS
 
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
2013
 
2014
 
2015
 
2016
Fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
Interest
 
$
220

 
$
231

 
$
238

 
$
241

 
$
239

Interest portion of annual rentals
 
1

 
1

 
1

 
1

 
1

Total fixed charges
 
221

 
232

 
239

 
242

 
240

Preferred stock dividends(1)
 
7

 
5

 
—

 
—

 
—

Combined fixed charges and preferred stock dividends for purpose of ratio
 
$
228

 
$
237

 
$
239

 
$
242

 
$
240

Earnings:
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations
 
$
705

 
$
626

 
$
797

 
$
890

 
$
845

Add: Total fixed charges (from above)
 
221

 
232

 
239

 
242

 
240

Less: Interest capitalized
 
—

 
—

 
1

 
—

 
—

Total earnings for purpose of ratio
 
$
926

 
$
858

 
$
1,035

 
$
1,132

 
$
1,085

Ratio of earnings to combined fixed charges
 
 
 
 
 
 
 
 
 
 
     and preferred stock dividends
 
4.06

 
3.62

 
4.33

 
4.68

 
4.52

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
4.19

 
3.70

 
4.33

 
4.68

 
4.52

 
 
 
 
 
 
 
 
 
 
 
 
(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.