EX-12 5 exhibit12.htm COMPUTATION OF RATIOS Computation of Ratios of Earnings to Fixed Charges

EXHIBIT 12

SOUTHWEST GAS CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Thousands of dollars)

For the Twelve Months Ended
Mar 31, December 31,
2003
2002
2001
2000
1999
1998
1. Fixed charges:                            
    A) Interest expense   $ 80,608   $ 79,586   $ 80,139   $ 70,659   $ 63,110   $ 63,416  
    B) Amortization    2,386    2,278    1,886    1,564    1,366    1,243  
    C) Interest portion of rentals    8,243    8,846    9,346    8,572    8,217    7,531  
    D) Preferred securities distributions    5,475    5,475    5,475    5,475    5,475    5,475  






        Total fixed charges   $ 96,712   $ 96,185   $ 96,846   $ 86,270   $ 78,168   $ 77,665  






2. Earnings (as defined):  
    E) Pretax income from  
    continuing operations   $ 36,135   $ 65,382   $ 56,741   $ 51,939   $ 60,955   $ 83,951  
    Fixed Charges (1. above)    96,712    96,185    96,846    86,270    78,168    77,665  






        Total earnings as defined   $ 132,847   $ 161,567   $ 153,587   $ 138,209   $ 139,123   $ 161,616  






     1.37    1.68    1.59    1.60    1.78    2.08