EX-12.B 6 pseg-12312015xq4ex12b.htm PSE&G EARNINGS TO FIXED CHARGES Exhibit


EXHIBIT 12b

PUBLIC SERVICE ELECTRIC AND GAS COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Plus Preferred Security Dividend Requirements

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended
 
 
 
 
December 31,
 
 
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
 
 
 
 
Earnings as Defined in Regulation S-K (A):
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax Income from Continuing Operations
 
$
1,257

 
$
1,174

 
$
993

 
$
835

 
$
861

 
 
Fixed Charges
 
306

 
303

 
316

 
314

 
319

 
 
Capitalized Interest
 
(17
)
 
(16
)
 
(16
)
 
(13
)
 
(4
)
 
 
Total Earnings
 
$
1,546

 
$
1,461

 
$
1,293

 
$
1,136

 
$
1,176

 
 
Fixed Charges as Defined in Regulation S-K (B)
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
297

 
$
293

 
$
309

 
$
308

 
$
314

 
 
Interest Factor in Rentals
 
9

 
10

 
7

 
6

 
5

 
 
Total Fixed Charges
 
$
306

 
$
303

 
$
316

 
$
314

 
$
319

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
5.05

 
4.82

 
4.09

 
3.62

 
3.69

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(A)
The term "earnings" shall be defined as pre-tax income from continuing operations. Add to pre-tax income the amount of fixed charges adjusted to exclude the amount of any interest capitalized during the period.
(B)
Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount, premium and expense, (c) an estimate of interest implicit in rentals, and (d) preferred securities dividend requirements of majority owned subsidiaries and preferred stock dividends, increased to reflect the pre-tax earnings requirement for PSE&G. There were no preferred stock dividend requirements for any period presented.