EX-12 11 ex-12c.txt EXHIBIT 12C EXHIBIT 12c PSEG POWER LLC COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31, ------------------------------------- 2004 2003 2002 2001 2000 ----- ----- ----- ----- ----- (Millions, except ratios) Earnings as Defined in Regulation S-K (A): Pre-Tax Income from Continuing Operations $ 494 $ 800 $ 781 $ 644 $ 521 Fixed Charges 254 225 219 213 209 Capitalized Interest (107) (106) (93) (62) (11) Preferred Stock Dividend Requirements -- -- -- -- -- ----- ----- ----- ----- ----- Earnings $ 641 $ 919 $ 907 $ 795 $ 719 ===== ===== ===== ===== ===== Fixed Charges as Defined in Regulation S-K (B) Interest Expense $ 253 $ 223 $ 217 $ 206 $ 209 Subsidiaries' Preferred Securities Dividend Requirements -- -- -- -- -- Interest Factor in Rentals 1 2 2 7 -- ----- ----- ----- ----- ----- Total Fixed Charges $ 254 $ 225 $ 219 $ 213 $ 209 ===== ===== ===== ===== ===== Ratio of Earnings to Fixed Charges 2.52 4.08 4.14 3.73 3.44 ===== ===== ===== ===== =====
(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 the amount of any interest capitalized during the period. (B) Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount, premium and expense and (c) an estimate of interest implicit in rentals. 1