EX-12.2 6 sempra-123117xex122.htm EXHIBIT 12.2 Exhibit


 
EXHIBIT 12.2
 
 
SAN DIEGO GAS & ELECTRIC COMPANY
 
 
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
 
 
AND PREFERRED STOCK DIVIDENDS
 
 
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations before income or loss
 
$
576

 
$
845

 
$
890

 
$
797

 
$
626

 
    from equity investees, noncontrolling interests and preferred dividends
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 Combined fixed charges and preference security dividends for purpose
 
 
 
 
 
 
 
 
 
 
 
    ratio (from below)
 
279

 
240

 
242

 
239

 
237

 
Amortization of capitalized interest(1)
 
—

 
—

 
—

 
—

 
—

 
Less:
 
 
 
 
 
 
 
 
 
 
 
 Interest capitalized
 
1

 
—

 
—

 
1

 
—

 
Preference security dividend requirements(2)
 
—

 
—

 
—

 
—

 
5

 
Noncontrolling interest in pretax income of subsidiaries that have not incurred
 
 
 
 
 
 
 
 
 
 
 
  fixed charges
 
—

 
—

 
—

 
—

 
—

 
Total earnings for purpose of ratio
 
$
854

 
$
1,085

 
$
1,132

 
$
1,035

 
$
858

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized and amortization of premiums, discounts
 
 
 
 
 
 
 
 
 
 
 
  and capitalized expenses related to indebtedness(1)
 
$
278

 
$
239

 
$
241

 
$
238

 
$
231

 
Estimate of interest within rental expense
 
1

 
1

 
1

 
1

 
1

 
Total fixed charges
 
279

 
240

 
242

 
239

 
232

 
Preference security dividend requirements(2)
 
—

 
—

 
—

 
—

 
5

 
Combined fixed charges and preferred stock dividends for purpose of ratio
 
$
279

 
$
240

 
$
242

 
$
239

 
$
237

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges

 
3.06

 
4.52

 
4.68

 
4.33

 
3.70

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preference security dividends

 
3.06

 
4.52

 
4.68

 
4.33

 
3.62

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) 
In computing this ratio, our public utilities that follow FASB ASC Topic 980, Regulated Operations, do not add amortization of capitalized interest in determining Earnings or reduce Fixed Charges by allowance for funds used during construction.
 
(2) 
In computing this ratio, “Preference security dividend requirements” represent the pretax earnings to pay such dividends, computed at the effective tax rates for the applicable periods.