EX-12 6 exhibit123.htm EXHIBIT 12.3 Exhibit 12.3






EXHIBIT 12.3

SOUTHERN CALIFORNIA GAS COMPANY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2008 

 

 

2009 

 

 

2010 

 

 

2011 

 

 

2012 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

 65 

 

$

 74 

 

$

 72 

 

$

 77 

 

$

 77 

 

Interest portion of annual rentals

 

 

 2 

 

 

 1 

 

 

 2 

 

 

 1 

 

 

 1 

 

Total fixed charges

 

 

 67 

 

 

 75 

 

 

 74 

 

 

 78 

 

 

 78 

 

Preferred stock dividends (1)

 

 

 2 

 

 

 2 

 

 

 2 

 

 

 2 

 

 

 2 

 

Combined fixed charges and preferred stock dividends for purpose of ratio

 

$

 69 

 

$

 77 

 

$

 76 

 

$

 80 

 

$

 80 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

 385 

 

$

 418 

 

$

 463 

 

$

 431 

 

$

 369 

 

Add: Total fixed charges (from above)

 

 

 67 

 

 

 75 

 

 

 74 

 

 

 78 

 

 

 78 

 

Less: Interest capitalized

 

 

 - 

 

 

 1 

 

 

 1 

 

 

 1 

 

 

 1 

 

Total earnings for purpose of ratio

 

$

 452 

 

$

 492 

 

$

 536 

 

$

 508 

 

$

 446 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

 6.55 

 

 

 6.39 

 

 

 7.05 

 

 

 6.35 

 

 

 5.58 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

 6.75 

 

 

 6.56 

 

 

 7.24 

 

 

 6.51 

 

 

 5.72 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.