EX-12.D 19 ex-12.txt EXHIBIT 12 PSEG ENERGY HOLDINGS LLC COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31, ----------------------------------------- 2002 2001 2000 1999 1998 ----- ----- ----- ----- ----- (Millions) Earnings as Defined in Regulation S-K (A): Pre-tax (Loss) Income from Continuing Operations $(357) $ 255 $ 176 $ 195 $ 116 Loss/(Income) from Equity Investees, Net of Distributions 11 (74) (11) 9 28 Fixed Charges 229 199 157 105 96 Capitalized Interest (12) (16) (21) (6) 1 ----- ----- ----- ----- ----- Earnings $(129) $ 364 $ 301 $ 303 $ 241 ===== ===== ===== ===== ===== Fixed Charges as Defined in Regulation S-K (B) Interest Expense 227 196 154 102 93 Interest Factor in Rentals 2 3 3 3 3 ----- ----- ----- ----- ----- Total Fixed Charges $ 229 $ 199 $ 157 $ 105 $ 96 ===== ===== ===== ===== ===== Ratio of Earnings to Fixed Charges (C) (0.56) 1.83 1.92 $2.89 2.51 ===== ===== ===== ===== =====
(A) The term "earnings" shall be defined as pretax income from continuing operations before income or loss from equity investees plus distributed income from equity investees. 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. (C) The ratio of Earnings to Fixed Charges for the year ended December 31, 2002 was (.56), as noted above, which represents a deficiency of $100 million.