EX-12 2 pseg-9302013xq3xex12.htm PSEG EARNINGS TO FIXED CHARGES PSEG-9/30/2013-Q3-EX 12


EXHIBIT 12

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
Years Ended
 
 
 
 
September 30,
 
December 31,
 
 
 
 
2013
 
2012
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
(Millions, except ratios)
 
 
Earnings as Defined in Regulation S-K (A):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax Income from Continuing Operations
 
$
1,751

 
$
1,650

 
$
2,011

 
$
2,384

 
$
2,616

 
$
2,636

 
$
1,806

 
 
(Income) Loss from Equity Investees, net of Distributions
 
(5
)
 
6

 
9

 
(4
)
 
(19
)
 
(25
)
 
(5
)
 
 
Fixed Charges
 
345

 
353

 
479

 
522

 
571

 
600

 
633

 
 
Capitalized Interest
 
(12
)
 
(16
)
 
(19
)
 
(14
)
 
(67
)
 
(45
)
 
(37
)
 
 
Preferred Securities Dividend Requirements of Subsidiaries
 
—

 
—

 
—

 
—

 
(2
)
 
(6
)
 
(6
)
 
 
Total Earnings
 
$
2,079

 
$
1,993

 
$
2,480

 
$
2,888

 
$
3,099

 
$
3,160

 
$
2,391

 
 
Fixed Charges as Defined in Regulation S-K (B)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
333

 
$
343

 
$
465

 
$
509

 
$
555

 
$
581

 
$
615

 
 
Interest Factor in Rentals
 
12

 
10

 
14

 
13

 
14

 
13

 
12

 
 
Preferred Securities Dividend Requirements of Subsidiaries
 
—

 
—

 
—

 
—

 
2

 
6

 
6

 
 
Total Fixed Charges
 
$
345

 
$
353

 
$
479

 
$
522

 
$
571

 
$
600

 
$
633

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
6.03

 
5.65

 
5.18

 
5.53

 
5.43

 
5.27

 
3.78

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.