EXHIBIT 12.2
SAN DIEGO GAS & ELECTRIC COMPANY
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 |  | $ | 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
(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.