EXHIBIT 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
2006 | 2007 | 2008 | 2009 | 2010 | June 30, 2011 | |||||||||||||||||||
Fixed charges and preferred stock dividends: | ||||||||||||||||||||||||
Interest | $ | 413 | $ | 379 | $ | 353 | $ | 455 | $ | 492 | $ | 256 | ||||||||||||
Interest portion of annual rentals | 6 | 6 | 3 | 2 | 3 | 1 | ||||||||||||||||||
Preferred dividends of subsidiaries (1) | 15 | 14 | 13 | 13 | 11 | 6 | ||||||||||||||||||
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Total fixed charges | 434 | 399 | 369 | 470 | 506 | 263 | ||||||||||||||||||
Preferred dividends for purpose of ratio | — | — | — | — | — | — | ||||||||||||||||||
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Total fixed charges and preferred dividends for purpose of ratio | $ | 434 | $ | 399 | $ | 369 | $ | 470 | $ | 506 | $ | 263 | ||||||||||||
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Earnings: | ||||||||||||||||||||||||
Pretax income from continuing operations before adjustment for income or loss from equity investees | $ | 1,579 | $ | 1,538 | $ | 1,009 | $ | 977 | $ | 1,078 | $ | 920 | ||||||||||||
Add: | ||||||||||||||||||||||||
Total fixed charges (from above) | 434 | 399 | 369 | 470 | 506 | 263 | ||||||||||||||||||
Distributed income of equity investees | 431 | 19 | 133 | 493 | 260 | 24 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Interest capitalized | 58 | 100 | 100 | 73 | 74 | 14 | ||||||||||||||||||
Preferred dividends of subsidiaries (1) | 10 | 10 | 10 | 13 | 11 | 6 | ||||||||||||||||||
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Total earnings for purpose of ratio | $ | 2,376 | $ | 1,846 | $ | 1,401 | $ | 1,854 | $ | 1,759 | $ | 1,187 | ||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends | 5.47 | 4.63 | 3.80 | 3.94 | 3.48 | 4.51 | ||||||||||||||||||
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Ratio of earnings to fixed charges | 5.47 | 4.63 | 3.80 | 3.94 | 3.48 | 4.51 | ||||||||||||||||||
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(1) | 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. |