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Previous: SAN DIEGO GAS & ELECTRIC CO, S-3, EX-5.1, 2000-12-19 |
Next: SAN DIEGO GAS & ELECTRIC CO, S-3, EX-23.2, 2000-12-19 |
<PAGE>
EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(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 and Preferred
Stock Dividends:
Interest:
Long-Term Debt $ 82 $ 76 $ 69 $ 55 $ 49 $ 37 $ 37
Rate Reduction Bonds -- -- -- 41 35 26 24
Short-Term Debt & Other 18 13 14 14 40 22 32
Amortization of Debt
Discount and Expense,
Less Premium 5 5 5 8 7 6 4
Interest Portion of
Annual Rentals 10 8 10 7 5 5 2
-------- -------- -------- ------- ------- ------ -----
Total Fixed
Charges 115 102 98 125 136 96 99
-------- -------- -------- ------- ------- ------ -----
Preferred Dividends
for Purpose of Ratio (1) 14 13 13 11 10 8 10
-------- -------- -------- ------- ------- ------ -----
Total Fixed Charges
and Preferred Stock
Dividends For
Purpose of Ratio $ 129 $ 115 $ 111 $ 136 $ 146 $ 104 $ 109
======== ======== ======== ======= ======= ====== =====
Earnings:
Net Income (before
preferred dividend
requirements) $ 219 $ 222 $ 238 $ 191 $ 199 $ 163 $ 112
Add:
Fixed charges
(from above) 115 102 98 125 136 96 99
Less: Fixed charges
capitalized 2 1 2 1 1 1 --
Taxes on Income 173 198 219 141 126 105 114
-------- -------- -------- ------ ------- ------ -----
Total Earnings for
Purpose of Ratio $ 505 $ 521 $ 553 $ 456 $ 460 $ 363 $ 325
======== ======== ======== ====== ======= ====== =====
Ratio of Earnings
to Combined Fixed
Charges and Preferred
Stock Dividends 3.92 4.54 5.00 3.15 3.15 3.49 2.98
======== ======== ======== ====== ======= ====== =====
</TABLE>
(1) In computing this ratio, "Preferred dividends" represents the before-tax
earnings necessary to pay such dividends, computed at the effective tax
rates for the applicable periods.
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