EX-12.2 3 x12-2.txt Exhibit 12.2 12/20/2005 SAVANNAH POWER COMPANY Computation of ratio of earnings to fixed charges for the five years ended December 31, 2004 and the year to date September 30, 2005
Nine Months Ended Year ended December 31, September 30, ------------------------------------------------- ------------- 2000 2001 2002 2003 2004 2005 ---- ---- ---- ---- ---- ---- ----------------------Thousands of Dollars---------------------- EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: Earnings before income taxes $33,728 $32,846 $32,767 $38,977 $40,110 $47,482 Interest expense, net of amounts capitalized 12,737 12,517 11,608 9,590 12,047 10,798 Distributions on mandatorily redeemable preferred securities 2,740 2,740 2,740 2,740 109 0 AFUDC - Debt funds 324 271 165 220 1,471 1,031 Rentals 545 423 459 457 469 420 -------- -------- -------- -------- -------- -------- Earnings as defined $50,074 $48,797 $47,739 $51,984 $54,206 $59,731 ======== ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: Interest on long-term debt $ 9,259 $ 9,400 $ 9,685 $ 8,537 $11,399 $ 9,749 Interest on affiliated loans 0 747 401 106 197 953 Interest on interim obligations 2,369 1,128 4 0 24 0 Amort of debt disc, premium and expense, net 963 950 904 981 1,279 865 Other interest charges 470 563 779 186 619 262 Distributions on mandatorily redeemable preferred securities 2,740 2,740 2,740 2,740 109 0 Rentals 545 423 459 457 469 420 -------- -------- -------- -------- -------- -------- Fixed charges as defined $16,346 $15,951 $14,972 $13,007 $14,096 $12,249 ======== ======== ======== ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES 3.06 3.06 3.19 4.00 3.85 4.88 ===== ===== ===== ===== ===== ====
SAVANNAH POWER COMPANY Computation of ratio of earnings to fixed charges plus preferred dividend requirements for the five years ended December 31, 2004 and the year to date September 30, 2005
Nine Months Ended Year ended December 31, September 30, ------------------------------------------------- -------------- 2000 2001 2002 2003 2004 2005 ---- ---- ---- ---- ---- ---- ------------------------Thousands of Dollars--------------------- EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: Earnings before income taxes $33,728 $32,846 $32,767 $38,977 $40,110 $47,482 Interest expense, net of amounts capitalized 12,737 12,517 11,608 9,590 12,047 10,798 Distributions on mandatorily redeemable preferred securities 2,740 2,740 2,740 2,740 109 0 AFUDC - Debt funds 324 271 165 220 1,471 1,031 Rentals 545 423 459 457 469 420 -------- -------- -------- -------- -------- -------- Earnings as defined $50,074 $48,797 $47,739 $51,984 $54,206 $59,731 ======== ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: Interest on long-term debt $ 9,259 $ 9,400 $ 9,685 $ 8,537 $11,399 $ 9,749 Interest on affiliated loans 0 747 401 106 197 953 Interest on interim obligations 2,369 1,128 4 0 24 0 Amort of debt disc, premium and expense, net 963 950 904 981 1,279 865 Other interest charges 470 563 779 186 619 262 Distributions on mandatorily redeemable preferred securities 2,740 2,740 2,740 2,740 109 0 Rentals 545 423 459 457 469 420 -------- -------- -------- -------- -------- -------- Fixed charges as defined 16,346 15,951 14,972 13,007 14,096 12,249 -------- -------- -------- -------- -------- -------- Preferred dividends 0 0 0 0 1,500 2,025 Ratio of net income before taxes to net income x 1.588 x 1.530 x 1.537 x 1.661 x 1.559 x 1.559 -------- -------- -------- -------- -------- -------- Pref dividend requirements before income taxes 0 0 0 0 2,339 3,157 -------- -------- -------- -------- -------- -------- Fixed charges plus pref dividend requirements $16,346 $15,951 $14,972 $13,007 $16,435 $15,406 ======== ======== ======== ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED DIVIDEND REQUIREMENTS 3.06 3.06 3.19 4.00 3.30 3.88 ===== ===== ===== ===== ===== ====