EX-12.1 8 dex121.htm STATEMENT REGARDING THE COMPUTATION OF RATIO OF EARNINGS Statement regarding the computation of ratio of earnings

Exhibit 12.1

 

SEMPRA ENERGY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

 

    

1998

   

1999

   

2000

   

2001

   

2002

  

Fixed Charges and Preferred Stock Dividends:

                                     

Interest

   

$

210

   

$

233

   

$

308

   

$

358

   

$

350

 

Interest portion of annual rentals

   

 

20

   

 

10

   

 

8

   

 

6

   

 

6

 

Preferred dividends of subsidiaries (1)

   

 

18

   

 

16

   

 

18

   

 

16

   

 

15

 

    
  
  
  
  

Combined Fixed Charges and Preferred Stock Dividends for Purpose of Ratio

   

$

248

   

$

259

   

$

334

   

$

380

   

$

371

 

    
  
  
  
  

Earnings:

                                     

Pretax income from continuing operations

   

$

432

   

$

573

   

$

699

   

$

731

   

$

721

 

Total Fixed Charges (from above)

   

 

248

   

 

259

   

 

334

   

 

380

   

 

371

 

Less:

                                     

Interest capitalized

   

 

1

   

 

1

   

 

3

   

 

11

   

 

29

 

Equity income (loss) of unconsolidated subsidiaries and joint ventures

   

 

—  

   

 

—  

   

 

62

   

 

12

   

 

(55

)

    
  
  
  
  

Total Earnings for Purpose of Ratio

   

$

679

   

$

831

   

$

968

   

$

1,088

   

$

1,118

 

 

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Ration of Earnings to Combined Fixed Charges and Preferred Stock Dividends

   

2.74

   

3.21

   

2.90

   

2.86

   

3.01

    
  
  
  
  
(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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