EX-12 1 electricgas-ex12.txt PSE&G EX-12
EXHIBIT 12 PUBLIC SERVICE ELECTRIC AND GAS COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES -------------------------- For the Quarters Ended March 31, -------------------------- 2001 2000 ----------- ------------ Earnings as Defined in Regulation S-K (A): Net Income $112 $250 Income Taxes 77 174 Fixed Charges 72 113 ----------- ------------ Earnings $261 $537 =========== ============ Fixed Charges as Defined in Regulation S-K (B): Total Interest Expense $58 $99 Interest Factor in Rentals 3 3 Subsidiaries' Preferred Securities Dividend Requirements 11 11 ----------- ------------ Total Fixed Charges $72 $113 =========== ============ Ratio of Earnings to Fixed Charges 3.63 4.75 =========== ============ (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 (a) the amount of any interest capitalized during the period and (b) the actual amount of any preferred stock dividend requirements of majority-owned subsidiaries which were included in such fixed charges amount but not deducted in the determination of pretax income. (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 subsidiaries.
EXHIBIT 12(A) PUBLIC SERVICE ELECTRIC AND GAS COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS -------------------------- For the Quarters Ended March 31, -------------------------- 2001 2000 ----------- ------------ Earnings as Defined in Regulation S-K (A): Net Income $112 $250 Income Taxes 77 174 Fixed Charges 72 113 ----------- ------------ Earnings $261 $537 =========== ============ Fixed Charges as Defined in Regulation S-K (B): Total Interest Expense $58 $99 Interest Factor in Rentals 3 3 Subsidiaries' Preferred Securities Dividend Requirements 11 11 Preferred Stock Dividends 3 2 Adjustment to Preferred Stock Dividends to state on a pre-income tax basis 2 1 ----------- ------------ Total Fixed Charges $77 $116 =========== ============ Ratio of Earnings to Fixed Charges 3.39 4.63 =========== ============ (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 (a) the amount of any interest capitalized during the period and (b) the actual amount of any preferred stock dividend requirements of majority-owned subsidiaries which were included in such fixed charges amount but not deducted in the determination of pretax income. (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 subsidiaries and preferred stock dividends, increased to reflect the pre-tax earnings requirement for Public Service Electric and Gas Company.