EX-12.C 18 ex-123.txt COMPUTATION OF RATIOS ================================================================================ PSEG POWER LLC ================================================================================ EXHIBIT 12
Years Ended December 31, ---------------------------------------------- 2002 2001 2000 1999 1998 ------- -------- -------- ---------- -------- (Millions) Earnings as Defined in Regulation S-K (A): Pre-Tax Income from Continuing Operations $ 781 $ 644 $ 521 $ 807 $ 393 Fixed Charges 221 213 210 131 256 Capitalized Interest (97) (63) (12) (2) (7) ---------------------------------------------- Earnings $ 905 $ 794 $ 719 $ 936 $ 642 ============================================== Fixed Charges as Defined in Regulation S-K (B) Interest Expense $ 219 $ 206 $ 210 $ 114 $ 223 Subsidiaries' Preferred Securities Dividend Requirements -- -- -- 12 25 Preferred Stock Dividends -- -- -- 3 5 Adjustment to Preferred Stock Dividends to state on a pre-income tax basis -- -- -- 2 3 Interest Factor in Rentals 2 7 -- -- -- ---------------------------------------------- Total Fixed Charges $ 221 $ 213 $ 210 $ 131 $ 256 ============================================== Ratio of Earnings to Fixed Charges 4.10 3.73 3.42 7.15 2.51 ==============================================
(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.