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SEMPRA ENERGY 10-K 2010
EXHIBIT 12.1




EXHIBIT 12.1

SEMPRA ENERGY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2004

 

2005

 

2006

 

2007

 

2008

 

2009

Fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 $                     332

 

 $                       342

 

 $                       413

 

 $                       379

 

 $                      353

 

 $                      455

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of annual rentals

 

 

                           4

 

                              5

 

                              6

 

                              6

 

                             3

 

                             2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends of subsidiaries (1)

 

 

                          12

 

                            10

 

                            15

 

                            14

 

                           13

 

                           13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Total fixed charges

 

 

                        348

 

                          357

 

                          434

 

                          399

 

                         369

 

                         470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends for purpose of ratio

 

 

                            -

 

                              -

 

                              -

 

                              -

 

                             -

 

                             -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges and preferred dividends for purpose of ratio                        

 

 

 $                     348

 

 $                       357

 

 $                       434

 

 $                       399

 

 $                      369

 

 $                      470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before adjustment for income or loss from equity investees

 

 

 $                  1,079

 

 $                       891

 

 $                     1,579

 

 $                     1,538

 

 $                    1,009

 

 $                      977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

  Total fixed charges (from above)

 

 

                        348

 

                          357

 

                          434

 

                          399

 

                         369

 

                         470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Distributed income of equity investees

 

 

                          59

 

                            73

 

                          431

 

                            19

 

                         133

 

                         493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

  Interest capitalized

 

 

                           8

 

                            28

 

                            58

 

                          100

 

                         100

 

                           73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Preferred dividends of subsidiaries (1)

 

 

                          10

 

                            10

 

                            10

 

                            10

 

                           10

 

                           13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings for purpose of ratio

 

 

 $                  1,468

 

 $                     1,283

 

 $                     2,376

 

 $                     1,846

 

 $                    1,401

 

 $                    1,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

                       4.22

 

                         3.59

 

                         5.47

 

                         4.63

 

                        3.80

 

                        3.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

                       4.22

 

                         3.59

 

                         5.47

 

                         4.63

 

                        3.80

 

                        3.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




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