EX-12 5 ex12-2.htm EXHIBIT 12.2

EXHIBIT 12.2

PUBLIC SERVICE ELECTRIC AND GAS COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED SECURITIES DIVIDEND REQUIREMENTS

 

 

 

For the Quarters
Ended March 31,

 

For the Years Ended
December 31,

 

 

 

 

 

 

 

2003

 

2002

 

2002

 

2001

 

2000

 

1999

 

1998

 

 

 

 

 

 

 

 

 

 

Earnings as Defined in Regulation S-K (A):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax Income from Continuing Operations

 

$

157

 

$

110

 

$

320

 

$

324

 

$

994

 

$

1,163

 

$

1,006

 

Fixed Charges

 

 

99

 

 

105

 

 

429

 

 

487

 

 

462

 

 

457

 

 

451

 

AFUDC

 

 

—

 

 

—

 

 

(1

)

 

(2

)

 

(1

)

 

(7

)

 

(44

)

Preferred Securities Dividends Requirements of Subsidiaries

 

 

(3

)

 

(3

)

 

(13

)

 

(24

)

 

(46

)

 

(46

)

 

(12

)

Preferred Securities Dividends, pre-tax

 

 

(2

)

 

(2

)

 

(7

)

 

(8

)

 

(15

)

 

(15

)

 

(15

)

 

 

 

 

 

 

 

 

 

Earnings

 

$

251

 

$

210

 

$

728

 

$

777

 

$

1,394

 

$

1,552

 

$

1,386

 

 

 

 

 

 

 

 

 

 

Fixed Charges as Defined in Regulation S-K (B)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

$

94

 

$

100

 

$

407

 

$

452

 

$

398

 

$

394

 

$

390

 

Interest Factor in Rentals

 

 

—

 

 

—

 

 

2

 

 

3

 

 

3

 

 

2

 

 

2

 

Preferred Securities Dividends Requirements of Subsidiaries

 

 

3

 

 

3

 

 

13

 

 

24

 

 

46

 

 

46

 

 

44

 

Preferred Securities Dividends

 

 

1

 

 

1

 

 

4

 

 

5

 

 

9

 

 

9

 

 

9

 

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

 

 

1

 

 

1

 

 

3

 

 

3

 

 

6

 

 

6

 

 

6

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

99

 

$

105

 

$

429

 

$

487

 

$

462

 

$

457

 

$

451

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

2.54

 

 

2.00

 

 

1.70

 

 

1.60

 

 

3.02

 

 

3.40

 

 

3.07