EX-12 12 exhibit122.htm EXHIBIT 12.2 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2009

 

 

2010

 

 

2011

 

 

2012

 

 

2013

Fixed Charges and Preferred Stock Dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 $

118

 

 $

153

 

 $

193

 

 $

220

 

 $

231

Interest portion of annual rentals

 

 

1

 

 

1

 

 

1

 

 

1

 

 

1

Total fixed charges

 

 

119

 

 

154

 

 

194

 

 

221

 

 

232

Preferred stock dividends (1)

 

 

7

 

 

7

 

 

7

 

 

7

 

 

5

Combined fixed charges and preferred stock dividends for purpose of ratio

 

 $

126

 

 $

161

 

 $

201

 

 $

228

 

 $

237

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

 $

550

 

 $

531

 

 $

692

 

 $

705

 

 $

626

Total fixed charges (from above)

 

 

119

 

 

154

 

 

194

 

 

221

 

 

232

Less: Interest capitalized

 

 

4

 

 

1

 

 

1

 

 

-

 

 

-

Total earnings for purpose of ratio

 

 $

665

 

 $

684

 

 $

885

 

 $

926

 

 $

858

 Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

5.28

 

 

4.25

 

 

4.40

 

 

4.06

 

 

3.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

5.59

 

 

4.44

 

 

4.56

 

 

4.19

 

 

3.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.