Attached files
file | filename |
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10-Q - FORM 10-Q - PACIFIC GAS & ELECTRIC Co | q1form10q.htm |
EX-12.03 - EXHIBIT 12.3 - PACIFIC GAS & ELECTRIC Co | ex1203.htm |
EX-10.02 - EXHIBIT 10.2 - PACIFIC GAS & ELECTRIC Co | ex1002.htm |
EX-32.01 - EXHIBIT 32.1 - PACIFIC GAS & ELECTRIC Co | ex3201.htm |
EX-10.01 - EXHIBIT 10.1 - PACIFIC GAS & ELECTRIC Co | ex1001.htm |
EX-32.02 - EXHIBIT 32.2 - PACIFIC GAS & ELECTRIC Co | ex3202.htm |
EX-10.03 - EXHIBIT 10.3 - PACIFIC GAS & ELECTRIC Co | ex1003.htm |
EX-31.02 - EXHIBIT 31.2 - PACIFIC GAS & ELECTRIC Co | ex3102.htm |
EX-31.01 - EXHIBIT 31.1 - PACIFIC GAS & ELECTRIC Co | ex3101.htm |
EX-12.01 - EXHIBIT 12.1 - PACIFIC GAS & ELECTRIC Co | ex1201.htm |
EXHIBIT
12.2
PACIFIC
GAS AND ELECTRIC COMPANY
COMPUTATION
OF RATIOS OF EARNINGS TO COMBINED
FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
Three
Months Ended
March
31,
|
Year
Ended December 31,
|
|||||||||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
2005
|
|||||||||||||||||||
Earnings:
|
||||||||||||||||||||||||
Net
income
|
$ | 264 | $ | 1,250 | $ | 1,199 | $ | 1,024 | $ | 985 | $ | 934 | ||||||||||||
Adjustments
for income or loss from equity investees of less than 100% owned
affiliates and the Company's equity in undistributed income (losses) of
less than 50% owned affiliates
|
- | - | - | - | - | - | ||||||||||||||||||
Income
taxes provision
|
195 | 482 | 488 | 571 | 602 | 574 | ||||||||||||||||||
Fixed
charges
|
191 | 817 | 860 | 889 | 801 | 589 | ||||||||||||||||||
Total
Earnings
|
$ | 650 | $ | 2,549 | $ | 2,547 | $ | 2,484 | $ | 2,388 | $ | 2,097 | ||||||||||||
Fixed
Charges:
|
||||||||||||||||||||||||
Interest
on short-term borrowings
and
long-term debt, net
|
$ | 173 | $ | 754 | $ | 794 | $ | 834 | $ | 770 | $ | 573 | ||||||||||||
Interest
on capital leases
|
5 | 19 | 22 | 23 | 11 | 1 | ||||||||||||||||||
AFUDC
debt
|
13 | 44 | 44 | 32 | 20 | 15 | ||||||||||||||||||
Earnings
required to cover the preferred stock dividend and preferred security
distribution requirements of majority owned trust
|
- | - | - | - | - | |||||||||||||||||||
Total
Fixed Charges
|
$ | 191 | $ | 817 | $ | 860 | $ | 889 | $ | 801 | $ | 589 | ||||||||||||
Preferred
Stock Dividends:
|
||||||||||||||||||||||||
Tax
deductible dividends
|
2 | 9 | 9 | 9 | 12 | 9 | ||||||||||||||||||
Pre-tax
earnings required to cover
non-tax
deductible preferred stock dividend requirements
|
2 | 7 | 7 | 8 | 3 | 12 | ||||||||||||||||||
Total
Preferred Stock Dividends
|
4 | 16 | 16 | 17 | 15 | 21 | ||||||||||||||||||
Total
Combined Fixed Charges
and
Preferred Stock Dividends
|
$ | 195 | $ | 833 | $ | 876 | $ | 906 | $ | 816 | $ | 610 | ||||||||||||
Ratios
of Earnings to Combined Fixed Charges and Preferred Stock
Dividends
|
3.33 | 3.06 | 2.91 | 2.74 | 2.93 | 3.44 | ||||||||||||||||||
Note: For
the purpose of computing Pacific Gas and Electric Company’s ratios of
earnings to combined fixed charges and preferred stock dividends,
“earnings” represent net income adjusted for the income or loss from
equity investees of less than 100% owned affiliates, equity in
undistributed income or losses of less than 50% owned affiliates, income
taxes and fixed charges (excluding capitalized interest). “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 the preferred stock dividend
requirements and preferred security distribution requirements of
majority-owned trust. “Preferred stock dividends” represent tax deductible
dividends and pre-tax earnings that are required to pay the dividends on
outstanding preferred securities. Fixed charges exclude interest on
tax liabilities.
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