PG&E Corp - FORM 10-Q - EX-12.02 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO COMBINED F - July 31, 2014

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10-Q - FORM 10-Q - PG&E Corpform10q.htm
EX-31.01 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF - PG&E Corpex3101.htm
EX-32.01 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF - PG&E Corpex3201.htm
EX-32.02 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF - PG&E Corpex3202.htm
EX-12.03 - PG&E CORPORATION COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - PG&E Corpexhibit12_3.htm
EX-10.03 - PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN - PG&E Corpex1003.htm
EX-31.02 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF - PG&E Corpex3102.htm
EX-12.01 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHAR - PG&E Corpexhibit12_1.htm
EXCEL - IDEA: XBRL DOCUMENT - PG&E CorpFinancial_Report.xls
EX-10.02 - PG&E CORPORATION 2012 OFFICER SEVERANCE POLICY (AMENDED EFFECTIVE AS OF MAY 12, 2014) - PG&E Corpex1002.htm


EXHIBIT 12.2
PACIFIC GAS AND ELECTRIC COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

   
Six Months Ended
June 30,
    
Year ended December 31,
  
   
2014
    
2013
    
2012
    
2011
    
2010
    
2009
  
Earnings:
                                    
Net income
   $ 478     $ 866     $ 811     $ 845     $ 1,121     $ 1,250  
Income tax provision
     210       326       298       480       574       482  
Fixed charges
     553       971       891       880       799       817  
Total earnings
   $ 1,241     $ 2,163     $ 2,000     $ 2,205     $ 2,494     $ 2,549  
Fixed charges:
                                                
Interest on short-term borrowings and
                                                
long-term debt, net
   $ 529     $ 917     $ 834     $ 824     $ 731     $ 754  
Interest on capital leases
     3       7       9       16       18       19  
AFUDC debt
     21       47       48       40       50       44  
Total fixed charges
   $ 553     $ 971     $ 891     $ 880     $ 799     $ 817  
Preferred stock dividends:
                                                
Tax deductible dividends
   $ 4     $ 9     $ 9     $ 9     $ 9     $ 9  
Pre-tax earnings required to cover non-tax
                                                
deductible preferred stock dividend
                                                
requirements
     4       7       7       8       7       7  
Total preferred stock dividends
     8       16       16       17       16       16  
Total combined fixed charges and
                                                
preferred stock dividends
   $ 561     $ 987     $ 907     $ 897     $ 815     $ 833  
Ratios of earnings to combined fixed charges and preferred stock dividends
                                                
    2.21       2.19       2.21       2.46       3.06       3.06  

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. “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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