EX-12 5 sjgex12.txt SJG CALC OF RATIO TO FIXED EARNINGS Exhibit 12 SOUTH JERSEY GAS COMPANY Calculation of Ratio of Earnings from Continuing Operations to Fixed Charges (IN THOUSANDS)
Fiscal Year Ended December 31, ------------------------------------------------------------------------------- 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------- Net Income* $26,608 $23,222 $21,527 $21,855 $20,367 Income Taxes, Net 19,619 17,372 15,693 16,703 15,445 Fixed Charges** 19,868 20,972 23,409 24,255 24,033 Capitalized Interest (564) (359) (221) (24) (390) ------------------------------------------------------------------------------- Total Available for Coverage $65,531 $61,207 $60,408 $62,789 $59,455 =============================================================================== Total Available 3.3x 2.9x 2.6x 2.6x 2.5x ------------------------------------ Fixed Charges * Net Income before Discontinued Operations ** Fixed charges consist of interest charges and preferred dividend requirement amounting to $135,000 in 2003 ( rentals are not material).