EX-12 6 sdgeex122.htm EXHIBIT 12.2 SDG&E Exhibit 12.2




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT 12.2

SAN DIEGO GAS & ELECTRIC COMPANY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 September 30,

 

 

 

2010

 

 

2011

 

 

2012

 

 

2013

 

 

2014

 

 

2015

Fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

153

 

$

193

 

$

220

 

$

231

 

$

238

 

$

182

Interest portion of annual rentals

 

 

1

 

 

1

 

 

1

 

 

1

 

 

1

 

 

1

Total fixed charges

 

 

154

 

 

194

 

 

221

 

 

232

 

 

239

 

 

183

Preferred stock dividends (1)

 

 

7

 

 

7

 

 

7

 

 

5

 

 

-

 

 

-

Combined fixed charges and preferred stock dividends for purpose of ratio

 

$

161

 

$

201

 

$

228

 

$

237

 

$

239

 

$

183

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

531

 

$

692

 

$

705

 

$

626

 

$

797

 

$

680

Add: Total fixed charges (from above)

 

 

154

 

 

194

 

 

221

 

 

232

 

 

239

 

 

183

Less: Interest capitalized

 

 

1

 

 

1

 

 

-

 

 

-

 

 

1

 

 

-

Total earnings for purpose of ratio

 

$

684

 

$

885

 

$

926

 

$

858

 

$

1,035

 

$

863

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

4.25

 

 

4.40

 

 

4.06

 

 

3.62

 

 

4.33

 

 

4.72

Ratio of earnings to fixed charges

 

 

4.44

 

 

4.56

 

 

4.19

 

 

3.70

 

 

4.33

 

 

4.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.