| | | | | | | | | | | | | | | | | | | |
|
EXHIBIT 12.1
|
SEMPRA ENERGY
|
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
|
AND PREFERRED STOCK DIVIDENDS
|
(Dollars in millions)
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | March 31,
|
| |
| 2010
| |
| 2011
| |
| 2012
| |
| 2013
| |
| 2014
| |
| 2015
|
Fixed charges and preferred stock dividends:
| | | | | | | | | | | | | | | | | | |
Interest
| | $
| 492
| | $
| 549
| | $
| 601
| | $
| 620
| | $
| 636
| | $
| 162
|
Interest portion of annual rentals
| | | 3
| | | 2
| | | 2
| | | 2
| | | 3
| | | 1
|
Preferred dividends of subsidiaries (1)
| |
| 11
| |
| 10
| |
| 6
| |
| 6
| |
| 1
| |
| -
|
Total fixed charges
| | | 506
| | | 561
| | | 609
| | | 628
| | | 640
| | | 163
|
Preferred dividends for purpose of ratio
| | | -
| | | -
| | | -
| | | -
| | | -
| | | -
|
Total fixed charges and preferred dividends for purpose of ratio
| | $
| 506
| | $
| 561
| | $
| 609
| | $
| 628
| | $
| 640
| | $
| 163
|
Earnings:
| | | | | | | | | | | | | | | | | | |
Pretax income from continuing operations before adjustment for income or loss from equity investees
| | $
| 1,078
| | $
| 1,747
| | $
| 1,255
| | $
| 1,399
| | $
| 1,443
| | $
| 587
|
Add:
| | | | | | | | | | | | | | | | | | |
Total fixed charges (from above)
| | | 506
| | | 561
| | | 609
| | | 628
| | | 640
| | | 163
|
Distributed income of equity investees
| | | 260
| | | 96
| | | 50
| | | 51
| | | 61
| | | 25
|
Less:
| | | | | | | | | | | | | | | | | | |
Interest capitalized
| | | 74
| | | 27
| | | 53
| | | 23
| | | 40
| | | 17
|
Preferred dividends of subsidiaries (1)
| | | 11
| | | 10
| | | 6
| | | 6
| | | 1
| | | -
|
Total earnings for purpose of ratio
| | $
| 1,759
| | $
| 2,367
| | $
| 1,855
| | $
| 2,049
| | $
| 2,103
| | $
| 758
|
Ratio of earnings to combined fixed charges and preferred stock dividends
| |
| 3.48
| |
| 4.22
| |
| 3.05
| |
| 3.26
| |
| 3.29
| |
| 4.65
|
| | | | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges
| |
| 3.48
| |
| 4.22
| |
| 3.05
| |
| 3.26
| |
| 3.29
| |
| 4.65
|
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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.
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