EX-12 6 ex121.htm EXHIBIT 12.1 SE exhibit 12.1




 

EXHIBIT 12.1

SEMPRA ENERGY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

2007

 

2008(1)

 

2009(1)

 

2010(1)

 

2011(1)

 

2012

Fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$           379

 

$           353

 

$           455

 

$           492

 

$           549

 

$             438

Interest portion of annual rentals

 

6

 

3

 

2

 

3

 

2

 

2

Preferred dividends of subsidiaries (2)

 

14

 

13

 

13

 

11

 

10

 

5

     Total fixed charges

 

399

 

369

 

470

 

506

 

561

 

445

Preferred dividends for purpose of ratio

 

-

 

-

 

-

 

-

 

-

 

-

Total fixed charges and preferred dividends for purpose of ratio                        

 

$           399

 

$           369

 

$           470

 

$           506

 

$           561

 

$             445

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$         1,538

 

$         1,009

 

$           977

 

$         1,079

 

$         1,747

 

$          1,009

Add:

 

 

 

 

 

 

 

 

 

 

 

 

  Total fixed charges (from above)

 

399

 

369

 

470

 

506

 

561

 

445

  Distributed income of equity investees

 

19

 

133

 

493

 

260

 

96

 

37

Less:

 

 

 

 

 

 

 

 

 

 

 

 

  Interest capitalized

 

100

 

100

 

73

 

74

 

27

 

41

  Preferred dividends of subsidiaries (2)

 

10

 

10

 

13

 

11

 

10

 

5

Total earnings for purpose of ratio

 

$         1,846

 

$         1,401

 

$         1,854

 

$         1,760

 

$         2,367

 

$          1,445

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

4.63

 

3.80

 

3.94

 

3.48

 

4.22

 

3.25

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

4.63

 

3.80

 

3.94

 

3.48

 

4.22

 

3.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

As adjusted for the retrospective effect of a change in accounting principle. This change had no impact at December 31, 2007 or for the year then ended.

(2)

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.