|
|
|
|
|
|
|
|
|
|
Previous: PACIFIC ENTERPRISES INC, S-3, EX-5.1, 2000-12-29 |
Next: PACIFIC ENTERPRISES INC, S-3, EX-12.2, 2000-12-29 |
<PAGE>
EXHIBIT 12.1
PACIFIC ENTERPRISES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
<TABLE>
<CAPTION>
For the nine
months ended
September 30,
-----------------
1995 1996 1997 1998 1999 1999 2000
---- ---- ---- ---- ---- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Fixed Charges:
Interest $ 111 $ 99 $ 91 $ 84 $ 82 $ 61 $ 52
Interest Portion of Annual Rentals 13 12 12 11 3 2 3
Preferred dividends of subsidiary (1) 20 14 13 2 2 2 2
----- ----- ----- ----- ----- ----- -----
Total Fixed Charges For Purpose of Ratio $ 144 $ 125 $ 116 $ 97 $ 87 $ 65 $ 57
===== ===== ===== ===== ===== ====== ======
Earnings:
Pretax income from continuing operations $ 314 $ 354 $ 335 $ 274 $ 350 $ 243 $ 292
Add:
Fixed charges (from above) 144 125 116 97 87 65 57
Less: Fixed charges capitalized 3 2 1 1 2 1 2
----- ----- ----- ----- ----- ----- -----
Fixed charges net of capitalized charges 141 123 115 96 85 64 55
----- ----- ----- ----- ----- ----- -----
Total Earnings for Purpose of Ratio $ 455 $ 477 $ 450 $ 370 $ 435 $ 307 $ 347
===== ===== ===== ===== ===== ====== ======
Ratio of Earnings to Fixed Charges 3.15 3.82 3.89 3.82 5.00 4.73 6.08
===== ===== ===== ===== ===== ====== ======
</TABLE>
(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.
|
|