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EXHIBIT 12.2
|
SAN DIEGO GAS & ELECTRIC COMPANY
|
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
|
AND PREFERRED STOCK DIVIDENDS
|
(Dollars in millions)
|
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| | | | | | | | | | | | | | | | | | March 31,
|
| |
| 2010
| |
| 2011
| |
| 2012
| |
| 2013
| |
| 2014
| |
| 2015
|
Fixed Charges and Preferred Stock Dividends:
| | | | | | | | | | | | | | | | | | |
Interest
| | $
| 153
| | $
| 193
| | $
| 220
| | $
| 231
| | $
| 238
| | $
| 60
|
Interest portion of annual rentals
| |
| 1
| |
| 1
| |
| 1
| |
| 1
| |
| 1
| |
| -
|
Total fixed charges
| | | 154
| | | 194
| | | 221
| | | 232
| | | 239
| | | 60
|
Preferred stock dividends (1)
| |
| 7
| |
| 7
| |
| 7
| |
| 5
| |
| -
| |
| -
|
Combined fixed charges and preferred stock dividends for purpose of ratio
| | $
| 161
| | $
| 201
| | $
| 228
| | $
| 237
| | $
| 239
| | $
| 60
|
Earnings:
| | | | | | | | | | | | | | | | | | |
Pretax income from continuing operations
| | $
| 531
| | $
| 692
| | $
| 705
| | $
| 626
| | $
| 797
| | $
| 239
|
Total fixed charges (from above)
| | | 154
| | | 194
| | | 221
| | | 232
| | | 239
| | | 60
|
Less: Interest capitalized
| | | 1
| | | 1
| | | -
| | | -
| | | 1
| | | -
|
Total earnings for purpose of ratio
| | $
| 684
| | $
| 885
| | $
| 926
| | $
| 858
| | $
| 1,035
| | $
| 299
|
Ratio of earnings to combined fixed charges and preferred stock dividends
| |
| 4.25
| |
| 4.40
| |
| 4.06
| |
| 3.62
| |
| 4.33
| |
| 4.98
|
| | | | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges
| |
| 4.44
| |
| 4.56
| |
| 4.19
| |
| 3.70
| |
| 4.33
| |
| 4.98
|
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(1)
| In computing this ratio, “Preferred stock 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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