EX-12 3 ex12-1.txt EXHIBIT 12.1 EXHIBIT 12.1 PUBLIC SERVICE ELECTRIC AND GAS COMPANY COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
FOR THE NINE MONTHS ENDED FOR THE YEARS ENDED SEPTEMBER 30, DECEMBER 31, -------------------------------------------------------------------------------- 2005 2004 2004 2003 2002 2001 2000 -------------------------------------------------------------------------------- (MILLIONS, EXCEPT RATIOS) Earnings as Defined in Regulation S-K (A): Pre-tax Income from Continuing Operations $ 473 $ 476 $ 592 $ 376 $ 320 $ 324 $ 994 Fixed Charges 256 273 362 390 408 461 447 -------------------------------------------------------------------------------- Total Earnings $ 729 $ 749 $ 954 $ 766 $ 728 $ 785 $ 1,441 ================================================================================ Fixed Charges as Defined in Regulation S-K (B) Interest Expense $ 256 $ 273 $ 362 $ 390 $ 406 $ 458 $ 444 Interest Factor in Rentals -- -- -- -- 2 3 3 -------------------------------------------------------------------------------- Total Fixed Charges $ 256 $ 273 $ 362 $ 390 $ 408 $ 461 $ 447 ================================================================================ Ratio of Earnings to Fixed Charges 2.85 2.74 2.64 1.96 1.78 1.70 3.22 ================================================================================
(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.