EX-12 29 scgex123.htm EXHIBIT 12.3 SCG 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

 

2012

 

 

2013

 

 

2014

 

 

2015

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 $

             77

 

 $

             77

 

 $

             76

 

 $

             77

 

 $

                96

 

Interest portion of annual rentals

 

 

               1

 

 

               1

 

 

               1

 

 

               2

 

 

                  1

 

Total fixed charges

 

 

             78

 

 

             78

 

 

             77

 

 

             79

 

 

                97

 

Preferred stock dividends (1)

 

 

               2

 

 

               2

 

 

               2

 

 

               2

 

 

                  2

 

Combined fixed charges and preferred stock dividends for purpose of ratio

 

 $

             80

 

 $

             80

 

 $

             79

 

 $

             81

 

 $

                99

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

 $

           431

 

 $

           369

 

 $

           481

 

 $

           472

 

 $

              558

 

Add: Total fixed charges (from above)

 

 

             78

 

 

             78

 

 

             77

 

 

             79

 

 

                97

 

Less: Interest capitalized

 

 

               1

 

 

               1

 

 

               1

 

 

               1

 

 

                  1

 

Total earnings for purpose of ratio

 

 $

           508

 

 $

           446

 

 $

           557

 

 $

           550

 

 $

              654

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

          6.35

 

 

          5.58

 

 

          7.05

 

 

          6.79

 

 

             6.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

          6.51

 

 

          5.72

 

 

          7.23

 

 

          6.96

 

 

             6.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.