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, |
|  |  | 2011 |  |  | 2012 |  |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |
Fixed charges and preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | $ | 193 |  | $ | 220 |  | $ | 231 |  | $ | 238 |  | $ | 241 |  | $ | 59 |
Interest portion of annual rentals |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | - |
Total fixed charges |  |  | 194 |  |  | 221 |  |  | 232 |  |  | 239 |  |  | 242 |  |  | 59 |
Preferred stock dividends (1) |  |  | 7 |  |  | 7 |  |  | 5 |  |  | - |  |  | - |  |  | - |
Combined fixed charges and preferred stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
dividends for purpose of ratio |  | $ | 201 |  | $ | 228 |  | $ | 237 |  | $ | 239 |  | $ | 242 |  | $ | 59 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pretax income from continuing operations |  | $ | 692 |  | $ | 705 |  | $ | 626 |  | $ | 797 |  | $ | 890 |  | $ | 202 |
Add: Total fixed charges (from above) |  |  | 194 |  |  | 221 |  |  | 232 |  |  | 239 |  |  | 242 |  |  | 59 |
Less: Interest capitalized |  |  | 1 |  |  | - |  |  | - |  |  | 1 |  |  | - |  |  | - |
Total earnings for purpose of ratio |  | $ | 885 |  | $ | 926 |  | $ | 858 |  | $ | 1,035 |  | $ | 1,132 |  | $ | 261 |
Ratio of earnings to combined fixed charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and preferred stock dividends |  |  | 4.40 |  |  | 4.06 |  |  | 3.62 |  |  | 4.33 |  |  | 4.68 |  |  | 4.42 |
Ratio of earnings to fixed charges |  |  | 4.56 |  |  | 4.19 |  |  | 3.70 |  |  | 4.33 |  |  | 4.68 |  |  | 4.42 |
(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. |