PACIFIC GAS & ELECTRIC Co - FORM 10-Q - EX-12.3 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES FOR PG&E COMPANY - May 4, 2011

Attached files

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10-Q - FORM 10-Q - PACIFIC GAS & ELECTRIC Cod10q.htm
EX-3.1 - BYLAWS OF PG&E CORPORATION AMENDED AS OF MAY 1, 2011 - PACIFIC GAS & ELECTRIC Codex31.htm
EX-3.2 - BYLAWS OF PACIFIC GAS AND ELECTRIC COMPANY AMENDED AS OF MAY 1, 2011 - PACIFIC GAS & ELECTRIC Codex32.htm
EX-31.2 - CERTIFICATIONS OF CEO AND CFO OF PACIFIC GAS & ELEC CO REQUIRED BY SECTION 302 - PACIFIC GAS & ELECTRIC Codex312.htm
EX-31.1 - CERTIFICATIONS OF CEO AND CFO OF PG&E CORPORATION REQUIRED BY SECTION 302 - PACIFIC GAS & ELECTRIC Codex311.htm
EX-12.2 - COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES-PREF STOCK DIVIDENDS - PACIFIC GAS & ELECTRIC Codex122.htm
EX-10.1 - FORM OF RESTRICTED STOCK UNIT AGREEMENT FOR 2011 GRANTS - PACIFIC GAS & ELECTRIC Codex101.htm
EX-32.2 - CERTIFICATIONS OF CEO AND CFO OF PACIFIC GAS & ELEC CO REQUIRED BY SECTION 906 - PACIFIC GAS & ELECTRIC Codex322.htm
EX-10.2 - FORM OF PERFORMANCE SHARE AGREEMENT FOR 2011 GRANTS - PACIFIC GAS & ELECTRIC Codex102.htm
EX-32.1 - CERTIFICATIONS OF CEO AND CFO OF PG&E CORPORATION REQUIRED BY SECTION 906 - PACIFIC GAS & ELECTRIC Codex321.htm
EX-12.1 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - PACIFIC GAS & ELECTRIC Codex121.htm

EXHIBIT 12.3

PG&E CORPORATION

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

    

Three Months

Ended

March 31,

     Year Ended December 31,  
        
     2011     2010     2009     2008     2007     2006  
        

Earnings:

             

Income from continuing operations

      $202       $1,113       $1,234       $1,198       $1,020       $1,005    

Income taxes provision

      124       547       460       425       539       554    

Fixed charges

      223       850       877       907       937       845    

Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries

      (4 )     (16 )     (16 )     (16 )     (17 )     (15 ) 
        

Total Earnings

      $545       $2,494       $2,555       $2,514       $2,479       $2,389    
        

Fixed Charges:

             

Interest and amortization of premiums, discounts and capitalized expenses related to short-term borrowings and long-term debt, net

      $205       $766       $798       $825       $865       $799    

Interest on capital leases

      4       18       19       22       23       11    

AFUDC debt

      10       50       44       44       32       20    

Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries

      4       16       16       16       17       15    
        

Total Fixed Charges

      $223       $850       $877       $907       $937       $845    
        

Ratios of Earnings to Fixed Charges

      2.44       2.93       2.91       2.77       2.65       2.83    
        

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.

PACIFIC GAS & ELECTRIC Co Reports