EX-12 2 exhibit12.txt SJG CALC. OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 SOUTH JERSEY GAS COMPANY Calculation of Ratio of Earnings from Continuing Operations to Fixed Charges (IN THOUSANDS) Fiscal Year Ended December 31, ------------------------------------------------------------------------------- 2004 2003 2002 2001 2000 -------------------------------------------------------------------------------
Net Income* $31,462 $26,608 $23,222 $21,527 $21,855 Income Taxes, Net 22,969 19,619 17,372 15,693 16,703 Fixed Charges** 18,639 19,868 20,972 23,409 24,255 Capitalized Interest (733) (564) (359) (221) (24) ------------------------------------------------------------------------------- Total Available for Coverage $72,337 $65,531 $61,207 $60,408 $62,789 =============================================================================== Total Available 3.9x 3.3x 2.9x 2.6x 2.6x ------------------------------------ Fixed Charges * Net Income before Discontinued Operations ** Fixed charges consist of interest charges and preferred dividend requirement amounting to $135,000 in 2004 ( rentals are not material).