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SEMPRA ENERGY 10-K 2010
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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2005

 

2006

 

2007

 

2008

 

2009

 

Fixed Charges and Preferred Stock Dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 $               77

 

 $              102

 

 $              105

 

 $                    107

 

 $                    118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of annual rentals

 

 

3

 

3

 

                    3

 

                          1

 

                          1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

 

80

 

105

 

                108

 

                       108

 

                       119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends (1)

 

 

6

 

8

 

                    7

 

                          7

 

                          7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred stock dividends for purpose of ratio

 

 

 $               86

 

 $              113

 

 $              115

 

 $                    115

 

 $                    126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

 

 $              356

 

 $              394

 

 $              406

 

 $                    451

 

 $                    550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges (from above)

 

 

80

 

105

 

                108

 

                       108

 

                       119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Interest capitalized

 

 

                    1

 

                    1

 

                    3

 

                        13

 

                          4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings for purpose of ratio

 

 

 $              435

 

 $              498

 

 $              511

 

 $                    546

 

 $                    665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

               5.06

 

               4.41

 

               4.44

 

                      4.75

 

                      5.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

               5.44

 

               4.74

 

               4.73

 

                     5.06

 

                      5.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 




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