EX-12.C 8 pseg-201210kex12c.htm EARNINGS TO FC PREFERRED PSE&G PSEG-2012 10K EX 12c


EXHIBIT 12c

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended
 
 
 
 
December 31,
 
 
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
 
 
 
Earnings as Defined in Regulation S-K (A):
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax Income from Continuing Operations
 
$
835

 
$
861

 
$
591

 
$
551

 
$
592

 
 
Fixed Charges
 
314

 
319

 
327

 
323

 
332

 
 
Capitalized Interest
 
(13
)
 
(4
)
 
(2
)
 
(1
)
 
—

 
 
Preferred Securities Dividend Requirements
 
—

 
—

 
(2
)
 
(6
)
 
(6
)
 
 
Total Earnings
 
$
1,136

 
$
1,176

 
$
914

 
$
867

 
$
918

 
 
Fixed Charges as Defined in Regulation S-K (B)
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
308

 
$
314

 
$
320

 
$
313

 
$
325

 
 
Interest Factor in Rentals
 
6

 
5

 
5

 
4

 
—

 
 
Preferred Securities Dividend
 
—

 
—

 
1

 
4

 
4

 
 
Adjustments to state Preferred Securities Dividends on a pre-income tax basis
 
—

 
—

 
1

 
2

 
2

 
 
Total Fixed Charges
 
$
314

 
$
319

 
$
327

 
$
323

 
$
331

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
3.62

 
3.69

 
2.80

 
2.68

 
2.77

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 (b) the actual amount of any preferred securities dividend requirements of majority owned subsidiaries (c) preferred stock dividends which were included in such fixed charges amount but not deducted in the determination of pre-tax income.
(B)
Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount and premium 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.