EXHIBIT 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
June 30, | ||||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |||||||||||||||||||
Fixed charges and preferred stock dividends: | ||||||||||||||||||||||||
Interest | $ | 455 | $ | 492 | $ | 549 | $ | 601 | $ | 620 | $ | 310 | ||||||||||||
Interest portion of annual rentals | 2 | 3 | 2 | 2 | 2 | 1 | ||||||||||||||||||
Preferred dividends of subsidiaries (1) | 13 | 11 | 10 | 6 | 6 | 1 | ||||||||||||||||||
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Total fixed charges | 470 | 506 | 561 | 609 | 628 | 312 | ||||||||||||||||||
Preferred dividends for purpose of ratio | — | — | — | — | — | — | ||||||||||||||||||
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Total fixed charges and preferred dividends for purpose of ratio | $ | 470 | $ | 506 | $ | 561 | $ | 609 | $ | 628 | $ | 312 | ||||||||||||
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Earnings: | ||||||||||||||||||||||||
Pretax income from continuing operations before adjustment for income or loss from equity investees | $ | 977 | $ | 1,078 | $ | 1,747 | $ | 1,255 | $ | 1,399 | $ | 723 | ||||||||||||
Add: | ||||||||||||||||||||||||
Total fixed charges (from above) | 470 | 506 | 561 | 609 | 628 | 312 | ||||||||||||||||||
Distributed income of equity investees | 493 | 260 | 96 | 50 | 51 | 18 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Interest capitalized | 73 | 74 | 27 | 53 | 23 | 16 | ||||||||||||||||||
Preferred dividends of subsidiaries (1) | 13 | 11 | 10 | 6 | 6 | 1 | ||||||||||||||||||
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Total earnings for purpose of ratio | $ | 1,854 | $ | 1,759 | $ | 2,367 | $ | 1,855 | $ | 2,049 | $ | 1,036 | ||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends | 3.94 | 3.48 | 4.22 | 3.05 | 3.26 | 3.32 | ||||||||||||||||||
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Ratio of earnings to fixed charges | 3.94 | 3.48 | 4.22 | 3.05 | 3.26 | 3.32 | ||||||||||||||||||
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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. |