SEMPRA ENERGY - FORM 10-Q - EX-12 - EXHIBIT 12.1 - August 4, 2015

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EXHIBIT 12.1

SEMPRA ENERGY

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

 

 $

492

 

 $

549

 

 $

601

 

 $

620

 

 $

636

 

 $

330

Interest portion of annual rentals

 

 

3

 

 

2

 

 

2

 

 

2

 

 

3

 

 

1

Preferred dividends of subsidiaries (1)

 

 

11

 

 

10

 

 

6

 

 

6

 

 

1

 

 

1

Total fixed charges

 

 

506

 

 

561

 

 

609

 

 

628

 

 

640

 

 

332

Preferred dividends for purpose of ratio

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

Combined fixed charges and preferred dividends for purpose of ratio                        

 

 $

506

 

 $

561

 

 $

609

 

 $

628

 

 $

640

 

 $

332

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before adjustment for income or loss from equity investees

 

 $

1,078

 

 $

1,747

 

 $

1,255

 

 $

1,399

 

 $

1,443

 

 $

956

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Total fixed charges (from above)

 

 

506

 

 

561

 

 

609

 

 

628

 

 

640

 

 

332

  Distributed income of equity investees

 

 

260

 

 

96

 

 

50

 

 

51

 

 

61

 

 

31

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Interest capitalized

 

 

74

 

 

27

 

 

53

 

 

23

 

 

40

 

 

34

  Preferred dividends of subsidiaries (1)

 

 

11

 

 

10

 

 

6

 

 

6

 

 

1

 

 

1

Total earnings for purpose of ratio

 

 $

1,759

 

 $

2,367

 

 $

1,855

 

 $

2,049

 

 $

2,103

 

 $

1,284

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

3.48

 

 

4.22

 

 

3.05

 

 

3.26

 

 

3.29

 

 

3.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

3.48

 

 

4.22

 

 

3.05

 

 

3.26

 

 

3.29

 

 

3.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




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