EX-12.1 3 exhibit_12-1.htm

 

Exhibit 12.1

 

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months
Ended June 30,

 

For the Years Ended
December 31,

 

 

 

 

 

 

2007

 

2006

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 

 

 

 

(Millions, except ratios)

 

Earnings as Defined in Regulation S-K (A):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax Income from Continuing Operations

 

$

335

 

$

203

 

$

448

 

$

583

 

$

592

 

$

376

 

$

320

 

Fixed Charges

 

 

165

 

 

168

 

 

346

 

 

342

 

 

362

 

 

390

 

 

408

 

 

 

 

Earnings

 

$

500

 

$

371

 

$

794

 

$

925

 

$

954

 

$

766

 

$

728

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges as Defined in Regulation
S-K (B)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

$

165

 

$

168

 

$

346

 

$

342

 

$

362

 

$

390

 

$

406

 

Interest Factor in Rentals

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

2

 

 

 

 

Total Fixed Charges

 

$

165

 

$

168

 

$

346

 

$

342

 

$

362

 

$

390

 

$

408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

3.03

 

 

2.21

 

 

2.29

 

 

2.70

 

 

2.64

 

 

1.96

 

 

1.78

 

 

 

 

 

 

(A)

The term “earnings” shall be defined as pretax income from continuing operations. Add to pretax 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 and (c) an estimate of interest implicit in rentals.