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SEMPRA ENERGY 10-K 2010
EXHIBIT 12.3




EXHIBIT 12.3

PACIFIC ENTERPRISES

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2005

 

2006

 

2007

 

2008

 

2009

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 $                   55

 

 $                   78

 

 $                   78

 

 $                       68

 

 $                       75

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of annual rentals

 

3

 

4

 

3

 

                           2

 

                           1

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends of subsidiary (1)

 

2

 

2

 

                        2

 

                           2

 

                           2

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

 

60

 

84

 

                      83

 

                         72

 

                         78

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

                        6

 

                        6

 

                        6

 

                           6

 

                           6

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred stock dividends for purpose of ratio

 

 $                   66

 

 $                   90

 

 $                   89

 

 $                       78

 

 $                       84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

 $                 325

 

 $                 426

 

 $                 408

 

 $                     394

 

 $                     415

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges (from above)

 

60

 

84

 

                      83

 

                         72

 

                         78

 

 

 

 

 

 

 

 

 

 

 

 

Less: Interest capitalized

 

 

                        -

 

                        1

 

                        1

 

                            -

 

                           1

 

 

 

 

 

 

 

 

 

 

 

 

Less: Preferred dividends of subsidiary (1)

 

                        1

 

                        1

 

                        1

 

                           1

 

                           2

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings for purpose of ratio

 

 $                 384

 

 $                 508

 

 $                 489

 

 $                     465

 

 $                     490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

                   5.82

 

                   5.64

 

                   5.49

 

                       5.96

 

                       5.83

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

                   6.40

 

                   6.05

 

                   5.89

 

                       6.46

 

                       6.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) In computing this ratio, “Preferred dividends of subsidiary” represents the before-tax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods.

 

 

 

 

 

 

 

 

 

 

 

 




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