PG&E Corp - FORM 10-Q - EX-12.03 - PG&E CORPORATION COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - May 4, 2016

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EX-32.02 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF PACIFIC GAS AND ELECTRIC COMPANY REQUIRED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - PG&E Corpexhibit3202.htm
10-Q - FORM 10-Q - PG&E Corpform10q.htm
EX-3 - BYLAWS OF PG&E CORPORATION AMENDED AS OF FEBRUARY 17, 2016 - PG&E Corpexhibit3.htm
EX-10.03 - SEPARATION AGREEMENT BETWEEN PACIFIC GAS AND ELECTRIC COMPANY AND GREG KIRALY DATED FEBRUARY 18, 2016 - PG&E Corpexhibit1003.htm
EX-10.04 - AMENDMENT TO THE POSTRETIREMENT LIFE INSURANCE PLAN OF THE PACIFIC GAS AND ELECTRIC COMPANY, EFFECTIVE FEBRUARY 16, 2016 - PG&E Corpexhibit1004.htm
EX-12.01 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - PG&E Corpexhibit1201.htm
EX-31.01 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF PG&E CORPORATION REQUIRED BY SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - PG&E Corpexhibit3101.htm
EX-10.02 - RESTRICTED STOCK UNIT AGREEMENT BETWEEN DINYAR MISTRY AND PG&E CORPORATION DATED FEBRUARY 23, 2016 - PG&E Corpexhibit1002.htm
EX-32.01 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF PG&E CORPORATION REQUIRED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - PG&E Corpexhibit3201.htm
EX-12.02 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS - PG&E Corpexhibit1202.htm
EX-31.02 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF PACIFIC GAS AND ELECTRIC COMPANY REQUIRED BY SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - PG&E Corpexhibit3102.htm
EXHIBIT 12.3
PG&E CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

   
Three
                                
   
Months Ended
                                
   
March 31,
    
Year Ended December 31,
  
(in millions)
  
2016
    
2015
    
2014
    
2013
    
2012
    
2011
  
Earnings:
                                    
Net income
  
$
110
    
$
888
    
$
1,450
    
$
828
    
$
830
    
$
858
  
Income tax provision
    
(187
)
    
(27
)
    
345
      
268
      
237
      
440
  
Fixed charges
    
316
      
1,284
      
1,206
      
1,012
      
931
      
919
  
Pre-tax earnings required to cover
                                                
the preferred stock dividend
                                                
of consolidated subsidiaries
    
(3
)
    
(14
)
    
(15
)
    
(16
)
    
(15
)
    
(17
)
Total earnings
  
$
236
    
$
2,131
    
$
2,986
    
$
2,092
    
$
1,983
    
$
2,200
  
Fixed charges:
                                                
Interest on short-term
                                                
borrowings and long-term
                                                
debt, net
  
$
300
    
$
1,218
    
$
1,140
    
$
942
    
$
859
    
$
846
  
Interest on capital leases
    
1
      
4
      
6
      
7
      
9
      
16
  
AFUDC debt
    
12
      
48
      
45
      
47
      
48
      
40
  
Pre-tax earnings required to
                                                
cover the preferred stock
                                                
    dividend of consolidated
                                                
subsidiaries
    
3
      
14
      
15
      
16
      
15
      
17
  
Total fixed charges
  
$
316
    
$
1,284
    
$
1,206
    
$
1,012
    
$
931
    
$
919
  
Ratios of earnings to
                                                
fixed charges
    
0.75
  (1)    
1.66
      
2.48
      
2.07
      
2.13
      
2.39
  
                                                 
(1) The ratio of earnings to fixed charges indicates a deficiency of less than one-to-one coverage of $80 million.

Note:
For the purpose of computing PG&E Corporation's ratios of earnings to fixed charges, "earnings" represent income from continuing operations adjusted for income taxes, fixed charges (excluding capitalized interest), and pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries.  "Fixed charges" include interest on long-term debt and short-term borrowings (including a representative portion of rental expense), amortization of bond premium, discount and expense, interest on capital leases, AFUDC debt, and earnings required to cover preferred stock dividends of consolidated subsidiaries.  Fixed charges exclude interest on tax liabilities.

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