EX-12.1 17 sempra-33117xex121.htm EXHIBIT 12.1 Exhibit


 
EXHIBIT 12.1
 
SEMPRA ENERGY
 
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
 
AND PREFERRED STOCK DIVIDENDS
 
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
2013
 
2014
 
2015
 
2016
 
March 31,
2017
Fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
 
Interest
$
601

 
$
620

 
$
636

 
$
677

 
$
701

 
$
185

Interest portion of annual rentals
2

 
2

 
3

 
2

 
3

 

Preferred dividends of subsidiaries(1)
6

 
6

 
1

 
2

 
2

 
1

Total fixed charges
609

 
628

 
640

 
681

 
706

 
186

Preferred dividends for purpose of ratio

 

 

 

 

 

Combined fixed charges and preferred dividends for purpose of ratio
$
609

 
$
628

 
$
640

 
$
681

 
$
706

 
$
186

Earnings:
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations before
 
 
 
 
 
 
 
 
 
 
 
    adjustment for income or loss from equity investees
$
1,255

 
$
1,399

 
$
1,443

 
$
1,600

 
$
1,824

 
$
752

Add:
 
 
 
 
 
 
 
 
 
 
 
   Total fixed charges (from above)
609

 
628

 
640

 
681

 
706

 
186

   Distributed income of equity investees
50

 
51

 
61

 
83

 
53

 
17

Less:
 
 
 
 
 
 
 
 
 
 
 
   Interest capitalized
53

 
23

 
40

 
69

 
90

 
16

   Preferred dividends of subsidiaries(1)
6

 
6

 
1

 
2

 
2

 
1

Total earnings for purpose of ratio
$
1,855

 
$
2,049

 
$
2,103

 
$
2,293

 
$
2,491

 
$
938

Ratio of earnings to combined fixed charges
 
 
 
 
 
 
 
 
 
 
 
    and preferred stock dividends
3.05

 
3.26

 
3.29

 
3.37

 
3.53

 
5.04

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
3.05

 
3.26

 
3.29

 
3.37

 
3.53

 
5.04

 
 
 
 
 
 
 
 
 
 
 
 
 
(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.