EX-12 5 sdgeexhibit122.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,

 

 

2006

 

2007

 

2008

 

2009

 

2010

 

2011

Fixed Charges and Preferred Stock Dividends:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$            102

 

$            105

 

$            107

 

$            118

 

$            153

 

$            126

Interest portion of annual rentals

 

3

 

3

 

1

 

1

 

1

 

1

Total fixed charges

 

105

 

108

 

108

 

119

 

154

 

127

Preferred stock dividends (1)

 

8

 

7

 

7

 

7

 

7

 

6

Combined fixed charges and preferred stock dividends for purpose of ratio

 

$            113

 

$            115

 

$            115

 

$            126

 

$            161

 

$            133

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$            394

 

$            406

 

$            451

 

$            550

 

$            531

 

$            437

Total fixed charges (from above)

 

105

 

108

 

108

 

119

 

154

 

127

Less: Interest capitalized

 

1

 

3

 

13

 

4

 

1

 

-

Total earnings for purpose of ratio

 

$            498

 

$            511

 

$            546

 

$            665

 

$            684

 

$            564

Ratio of earnings to combined fixed charges and preferred stock dividends

 

4.41

 

4.44

 

4.75

 

5.28

 

4.25

 

4.24

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

4.74

 

4.73

 

5.06

 

5.59

 

4.44

 

4.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.