PG&E Corp - FORM 10-Q - EX-12.03 - PG&E CORPORATION COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - April 29, 2015

Attached files

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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-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-12.02 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES - PG&E Corpex122.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 12.3

PG&E CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 

 

 

Three Months Ended

March 31,

 

 

Year Ended December 31,

(in millions)

 

2015

 

 

2014

 

2013

 

2012

 

2011

 

2010

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

34 

 

$

1,450 

$

828 

$

830 

$

858 

$

1,113 

Income tax provision (benefit)

 

(93)

 

 

345 

 

268 

 

237 

 

440 

 

547 

Fixed charges

 

256 

 

 

1,206 

 

1,012 

 

931 

 

919 

 

850 

Pre-tax earnings required to cover

 

 

 

 

 

 

 

 

 

 

 

 

 

the preferred stock dividend of

 

 

 

 

 

 

 

 

 

 

 

 

 

consolidated subsidiaries

 

(4)

 

 

(15)

 

(16)

 

(15)

 

(17)

 

(16)

Total earnings

$

193 

 

$

2,986 

$

2,092 

$

1,983 

$

2,200 

$

2,494 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on short-term borrowings

 

 

 

 

 

 

 

 

 

 

 

 

 

and long-term debt, net

$

238 

 

$

1,140 

$

942 

$

859 

$

846 

$

766 

Interest on capital leases

 

1 

 

 

6 

 

7 

 

9 

 

16 

 

18 

AFUDC debt

 

13 

 

 

45 

 

47 

 

48 

 

40 

 

50 

Pre-tax earnings required to cover

 

 

 

 

 

 

 

 

 

 

 

 

 

    the preferred stock dividend of

 

 

 

 

 

 

 

 

 

 

 

 

 

consolidated subsidiaries

 

4 

 

 

15 

 

16 

 

15 

 

17 

 

16 

Total fixed charges

$

256 

 

$

1,206 

$

1,012 

$

931 

$

919 

$

850 

Ratios of earnings to fixed charges

 

0.75 

(1)

 

2.48 

 

2.07 

 

2.13 

 

2.39 

 

2.93 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The ratio of earnings to fixed charges indicates that an additional $63 million of earnings would be required to reach a one-to-one ratio.

 

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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