PG&E Corp - FORM 10-Q - EX-12.02 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES - April 29, 2015

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EXCEL - IDEA: XBRL DOCUMENT - PG&E CorpFinancial_Report.xls
10-Q - FORM 10-Q - PG&E Corpform10q.htm
EX-12.01 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - PG&E Corpex121.htm
EX-12.03 - PG&E CORPORATION COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - PG&E Corpex123.htm
EX-10.01 - PG&E CORPORATION SECOND AMENDED AND RESTATED CREDIT AGREEMENT - PG&E Corpex1001.htm
EX-32.02 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER - PG&E Corpex3202.htm
EX-10.09 - PERFORMANCE SHARE AGREEMENT SUBJECT TO SAFETY AND CUSTOMER AFFORDABILITY GOALS BETWEEN ANTHONY F. EARLEY, JR. AND PG&E CORPORATION FOR 2015 GRANT UNDER THE PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN - PG&E Corpex1009.htm
EX-31.01 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER - PG&E Corpex3101.htm
EX-10.03 - DESCRIPTION OF SHORT-TERM INCENTIVE PLAN FOR OFFICERS OF PG&E CORPORATION AND ITS SUBSIDIARIES, EFFECTIVE JANUARY 1, 2015 - PG&E Corpex1003.htm
EX-10.08 - PERFORMANCE SHARE AGREEMENT SUBJECT TO FINANCIAL GOALS BETWEEN ANTHONY F. EARLEY, JR. AND PG&E CORPORATION FOR 2015 GRANT UNDER THE PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN - PG&E Corpex1008.htm
EX-32.01 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER - PG&E Corpex3201.htm
EX-10.06 - FORM OF PERFORMANCE SHARE AGREEMENT SUBJECT TO SAFETY AND CUSTOMER AFFORDABILITY GOALS FOR 2015 GRANTS UNDER THE PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN - PG&E Corpex1006.htm
EX-31.02 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER - PG&E Corpex3102.htm
EX-10.05 - FORM OF PERFORMANCE SHARE AGREEMENT SUBJECT TO FINANCIAL GOALS FOR 2015 GRANTS UNDER THE PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN - PG&E Corpex1005.htm
EX-10.07 - RESTRICTED STOCK UNIT AGREEMENT BETWEEN ANTHONY F. EARLEY, JR. AND PG&E CORPORATION FOR 2015 GRANT UNDER THE PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN - PG&E Corpex1007.htm
EX-10.04 - FORM OF RESTRICTED STOCK UNIT AGREEMENT FOR 2015 GRANTS UNDER THE PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN - PG&E Corpex1004.htm
EX-10.02 - PACIFIC GAS AND ELECTRIC COMPANY SECOND AMENDED AND RESTATED CREDIT AGREEMENT - 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
 

 

 

Three Months Ended

March 31,

 

 

Year ended December 31,

(in millions)

 

2015

 

 

2014

 

2013

 

2012

 

2011

 

2010

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

4 

 

$

1,433 

$

866 

$

811 

$

845 

$

1,121 

Income tax provision (benefit)

 

(92)

 

 

384 

 

326 

 

298 

 

480 

 

574 

Fixed charges

 

249 

 

 

1,176 

 

971 

 

891 

 

880 

 

799 

Total earnings

$

161 

 

$

2,993 

$

2,163 

$

2,000 

$

2,205 

$

2,494 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on short-term borrowings

 

 

 

 

 

 

 

 

 

 

 

 

 

and long-term debt, net

$

235 

 

$

1,125 

$

917 

$

834 

$

824 

$

731 

Interest on capital leases

 

1 

 

 

6 

 

7 

 

9 

 

16 

 

18 

AFUDC debt

 

13 

 

 

45 

 

47 

 

48 

 

40 

 

50 

Total fixed charges

$

249 

 

$

1,176 

$

971 

$

891 

$

880 

$

799 

Preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax deductible dividends

$

2 

 

$

9 

$

9 

$

9 

$

9 

$

9 

Pre-tax earnings required to cover 

 

 

 

 

 

 

 

 

 

 

 

 

 

non-tax deductible preferred

 

 

 

 

 

 

 

 

 

 

 

 

 

stock dividend requirements

 

1 

 

 

6 

 

7 

 

7 

 

8 

 

7 

Total preferred stock dividends

 

3 

 

 

15 

 

16 

 

16 

 

17 

 

16 

Total combined fixed charges and

 

 

 

 

 

 

 

 

 

 

 

 

 

preferred stock dividends

$

252 

 

$

1,191 

$

987 

$

907 

$

897 

$

815 

Ratios of earnings to combined

 

 

 

 

 

 

 

 

 

 

 

 

 

  fixed charges and preferred

 

 

 

 

 

 

 

 

 

 

 

 

 

  stock dividends

 

0.64 

(1)

 

2.51 

 

2.19 

 

2.21 

 

2.46 

 

3.06 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The ratio of earnings to combined fixed charges and preferred stock dividends indicates that an additional $91 million of earnings would be required to reach a one-to-one ratio.

 

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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