PG&E Corp - FORM 10-Q - EX-12.03 - PG&E CORPORATION COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - 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-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
EX-12.02 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO COMBINED F - PG&E Corpexhibit12_2.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 12.3
PG&E CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

   
Six Months Ended
June 30,
    
Year Ended December 31,
  
   
2014
    
2013
    
2012
    
2011
    
2010
    
2009
  
Earnings:
                                    
Net income
   $ 501     $ 828     $ 830     $ 858     $ 1,113     $ 1,234  
Income tax provision
     195       268       237       440       547       460  
Fixed charges
     570       1,012       931       919       850       877  
Pre-tax earnings required to cover the
                                                
preferred stock dividend of consolidated
                                                
subsidiaries
     (8 )     (16 )     (15 )     (17 )     (16 )     (16 )
Total earnings
   $ 1,258     $ 2,092     $ 1,983     $ 2,200     $ 2,494     $ 2,555  
Fixed charges:
                                                
Interest on short-term borrowings and
                                                
long-term debt, net
   $ 538     $ 942     $ 859     $ 846     $ 766     $ 798  
Interest on capital leases
     3       7       9       16       18       19  
AFUDC debt
     21       47       48       40       50       44  
Pre-tax earnings required to cover the
                                                
preferred stock dividend of consolidated
                                                
subsidiaries
     8       16       15       17       16       16  
Total fixed charges
   $ 570     $ 1,012     $ 931     $ 919     $ 850     $ 877  
Ratios of earnings to fixed charges
     2.21       2.07       2.13       2.39       2.93       2.91  

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.


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