EX-12 8 ex-12.txt EXHIBIT 12 EXHIBIT 12 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
For the Years Ended December 31, ------------------------------------------ 2004 2003 2002 2001 2000 ------ ------ ------ ------ ------ (Millions, except ratios) Earnings as Defined in Regulation S-K (A): Pre-tax Income (Loss) from Continuing Operations $1,167 $1,316 $ 659 $1,139 $1,279 Loss/(Income) from Equity Investees, Net of Distributions 78 60 (2) (59) (16) Fixed Charges 988 970 946 876 726 Capitalized Interest (C) (110) (116) (104) (74) (33) Preferred Securities Dividends Requirements of Subsidiaries (6) (6) (6) (8) (14) ====== ====== ====== ====== ====== Earnings $2,117 $2,224 $1,493 $1,874 $1,942 ====== ====== ====== ====== ====== Fixed Charges as Defined in Regulation S-K (B) Interest Expense $ 974 $ 956 $ 926 $ 852 $ 698 Interest Factor in Rentals 8 8 14 16 14 Preferred Securities Dividends Requirements of Subsidiaries 6 6 6 8 14 ------ ------ ------ ------ ------ Total Fixed Charges $ 988 $ 970 $ 946 $ 876 $ 726 ====== ====== ====== ====== ====== Ratio of Earnings to Fixed Charges 2.14 2.29 1.58 2.14 2.67 ====== ====== ====== ====== ======
(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 (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 dividends requirements of majority-owned subsidiaries stated on a pre-tax level. (C) Capitalized Interest excludes AFUDC for PSE&G.