EX-12.02 3 exh12-02.htm CALCULATION OF RATIOS exh12-02.htm
Exhibit 12.02

SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF RATIOS
FOR THE YEAR ENDED DECEMBER 31, 2007
(Dollars in Millions)

CALCULATION OF BOND RATIO:

Net earnings (1)
      
$
758,419,744
  
Divide by annualized interest charges on:
              
Bonds outstanding under SCE&G's bond indenture dated April 1, 1993 (Mortgage)
  
$
105,156,325
        
Other indebtedness (1)
    
1,999,063
        
Total annualized interest charges
          
107,155,388
  
Bond Ratio
          
7.08
  

(1)                      As defined in the Mortgage.


CALCULATION OF PREFERRED STOCK RATIO:

Net earnings (2)
      
$
237,814,043
  
Divide by annualized interest charges on:
              
Bonds outstanding under SCE&G's mortgage bond indentures
  
$
107,155,388
        
Preferred dividend requirements
    
7,255,054
        
Total annualized interest charges
          
114,410,442
  
Preferred Stock Ratio
          
2.08
  

(2)                      As defined under SCE&G's Restated Articles of Incorporation.


CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE SECURITY DIVIDENDS:
 
   
Years Ended December 31,
  
Dollars in Millions
  
2007
  
2006
  
2005
  
2004
  
2003
  
Fixed Charges as defined:
                      
Interest on long-term debt
  
$
149.8
  
$
144.1
  
$
143.0
  
$
144.2
  
$
141.9
  
Amortization of debt premium, discount and expense (net)
    
3.6
    
3.8
    
4.2
    
4.2
    
3.5
  
Interest component on rentals
    
5.3
    
4.3
    
3.9
    
3.3
    
2.9
  
Preference security dividend requirement of consolidated subsidiary
    
-
    
-
    
-
    
-
    
1.7
  
Total Fixed Charges(A)
    
158.7
    
152.2
    
151.1
    
151.7
    
150.0
  
Preference security dividend as defined:
    
11.7
    
11.8
    
11.8
    
11.9
    
11.9
  
Total Fixed Charges and Preference Security Dividend (B)
  
$
170.4
  
$
164.0
  
$
162.9
  
$
163.6
  
$
161.9
  
Earnings as defined:
                                
Pretax income from continuing operations
  
$
361.4
  
$
331.5
  
$
113.7
  
$
362.8
  
$
338.3
  
Total fixed charges
    
158.7
    
152.2
    
151.1
    
151.7
    
150.0
  
Pre-tax equity in losses of investees
    
19.5
    
21.8
    
77.2
    
1.3
    
1.1
  
Preference security dividend requirements of consolidated subsidiary
    
-
    
-
    
-
    
-
    
(1.7
)
Total Earnings (C)
  
$
539.6
  
$
505.5
  
$
342.0
  
$
515.8
  
$
487.7
  
                                 
Ratio of Earnings to Fixed Charges (C/A)
    
3.40
    
3.32
    
2.26
    
3.40
    
3.25
  
                                 
Ratio of Earnings to Combined Fixed Charges and Preference
                                
  Security Dividends (C/B)
    
3.17
    
3.08
    
2.10
    
3.15
    
3.01