PG&E Corp - FORM 10-K - EX-12.02 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS - February 18, 2016

Attached files

file filename
EX-21 - SUBSIDIARIES OF THE REGISTRANT - PG&E Corpexhibit21.htm
EX-10.38 - OFFICER RELOCATION GUIDE - PG&E Corpexhibit1038.htm
EX-10.42 - PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN - PG&E Corpexhibit1042.htm
EX-10.16 - PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN - PG&E Corpexhibit1016.htm
EX-12.03 - PG&E CORPORATION COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - PG&E Corpexhibit1203.htm
EX-10.17 - PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN - PG&E Corpexhibit1017.htm
EX-10.18 - PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN - PG&E Corpexhibit1018.htm
EX-12.01 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - PG&E Corpexhibit1201.htm
EX-24 - POWER OF ATTORNEY - PG&E Corpexhibit24.htm
EX-31.02 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF PACIFIC GAS AND ELECTRIC COMPANY REQUIRED BY SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - PG&E Corpexhibit3102.htm
EX-32.02 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF PACIFIC GAS AND ELECTRIC COMPANY REQUIRED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - PG&E Corpexhibit3202.htm
EX-32.01 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF PG&E CORPORATION REQUIRED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - PG&E Corpexhibit3201.htm
10-K - FORM 10-K - PG&E Corpform10k.htm
EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - PG&E Corpexhibit23.htm
EX-31.01 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF PG&E CORPORATION REQUIRED BY SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - PG&E Corpexhibit3101.htm
EXHIBIT 12.2
PACIFIC GAS AND ELECTRIC COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

   
Year Ended December 31,
  
   
2015
    
2014
    
2013
    
2012
    
2011
  
Earnings:
                    
Net income
  
$
862
    
$
1,433
    
$
866
    
$
811
    
$
845
  
Income tax provision
    
(19
)
    
384
      
326
      
298
      
480
  
Fixed charges
    
1,260
      
1,176
      
971
      
891
      
880
  
Total earnings
  
$
2,103
    
$
2,993
    
$
2,163
    
$
2,000
    
$
2,205
  
Fixed charges:
                                        
Interest on short-term borrowings and
                                        
long-term debt, net
  
$
1,208
    
$
1,125
    
$
917
    
$
834
    
$
824
  
Interest on capital leases
    
4
      
6
      
7
      
9
      
16
  
AFUDC debt
    
48
      
45
      
47
      
48
      
40
  
Total fixed charges
  
$
1,260
    
$
1,176
    
$
971
    
$
891
    
$
880
  
Preferred stock dividends:
                                        
Tax deductible dividends
  
$
9
    
$
9
    
$
9
    
$
9
    
$
9
  
Pre-tax earnings required to cover non-tax
                                        
deductible preferred stock dividend
                                        
requirements
    
5
      
6
      
7
      
7
      
8
  
Total preferred stock dividends
    
14
      
15
      
16
      
16
      
17
  
Total combined fixed charges and
                                        
preferred stock dividends
  
$
1,274
    
$
1,191
    
$
987
    
$
907
    
$
897
  
Ratios of earnings to combined fixed charges
                                        
and preferred stock dividends
    
1.65
      
2.51
      
2.19
      
2.21
      
2.46
  


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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