SEMPRA ENERGY - FORM 10-Q - EX-12 - EXHIBIT 12.2 - August 4, 2015

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EXHIBIT 12.2

SAN DIEGO GAS & ELECTRIC COMPANY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 June 30,

 

 

 

2010

 

 

2011

 

 

2012

 

 

2013

 

 

2014

 

 

2015

Fixed charges and preferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

153

 

$

193

 

$

220

 

$

231

 

$

238

 

$

122

Interest portion of annual rentals

 

 

1

 

 

1

 

 

1

 

 

1

 

 

1

 

 

-

Total fixed charges

 

 

154

 

 

194

 

 

221

 

 

232

 

 

239

 

 

122

Preferred stock dividends (1)

 

 

7

 

 

7

 

 

7

 

 

5

 

 

-

 

 

-

Combined fixed charges and preferred stock dividends for purpose of ratio

 

$

161

 

$

201

 

$

228

 

$

237

 

$

239

 

$

122

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

531

 

$

692

 

$

705

 

$

626

 

$

797

 

$

423

Add: Total fixed charges (from above)

 

 

154

 

 

194

 

 

221

 

 

232

 

 

239

 

 

122

Less: Interest capitalized

 

 

1

 

 

1

 

 

-

 

 

-

 

 

1

 

 

-

Total earnings for purpose of ratio

 

$

684

 

$

885

 

$

926

 

$

858

 

$

1,035

 

$

545

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

4.25

 

 

4.40

 

 

4.06

 

 

3.62

 

 

4.33

 

 

4.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

4.44

 

 

4.56

 

 

4.19

 

 

3.70

 

 

4.33

 

 

4.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

In computing this ratio, “Preferred stock dividends” represents the before-tax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods.




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