EX-12 2 c53412_ex12.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

EXHIBIT 12

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

For the Three
Months Ended For the Years Ended
March 31,

 

 December 31,
2008

 

 

 2007

 

 2007

 

 2006

 

 2005

 

 2004

 

 2003
(Millions, except ratios)
Earnings as Defined in Regulation S-K (A):                                          
 
Pre-tax Income from Continuing Operations   $668     $581     $2,379     $1,139     $1,386     $1,220     $1,256  
(Income) Loss from Equity Investees, net of   —     (12 )   (10 )   (2 )   (37 )   78     79  
Distributions                                          
Fixed Charges   166     191     782     851     888     894     953  
Capitalized Interest (B)   (8 )   (4 )   (26 )   (33 )   (92 )   (109 )   (116 )
Preferred Securities Dividend Requirements of   (2 )   (2 )   (6 )   (6 )   (6 )   (6 )   (6 )
Subsidiaries                                          
Total Earnings   $824     $754     $3,119     $1,949     $2,139     $2,077     $2,166  
                                           
Fixed Charges as Defined in Regulation S-K (C)                                          
                                           
Interest Expense   $161     $186     $765     $834     $872     $879     $939  
Interest Factor in Rentals   3     3     11     11     10     9     8  
Preferred Securities Dividend Requirements of   2     2     6     6     6     6     6  
Subsidiaries                                          
Total Fixed Charges   $166     $191     $782     $851     $888     $894     $953  
 
Ratio of Earnings to Fixed Charges   4.96     3.95     3.99     2.29     2.41     2.32     2.27  

(A) The term “earnings” shall be defined as pre-tax Income from Continuing Operations before income or loss from equity investees plus distributed income from equity investees. Add to pre-tax income the amount of fixed charges adjusted to exclude (a) the amount of any interest capitalized during the period and (b) the actual amount of any preferred securities dividend requirements of majority-owned subsidiaries stated on a pre-tax level.   
 
(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 stated on a pre-tax level.   
 
(C)    Capitalized Interest excludes AFUDC for PSE&G.