EX-12 2 exhibit12.htm COMPUTATION OF RATIOS

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,
2004
 2003
 2002
 2001
 2000
 1999
1. Fixed charges:                            
    A) Interest expense   $ 78,930   $ 78,724   $ 79,586   $ 80,139   $ 70,659   $ 63,110  
    B) Amortization    2,825    2,752    2,278    1,886    1,564    1,366  
    C) Interest portion of rentals    6,447    6,665    8,846    9,346    8,572    8,217  
    D) Preferred securities distributions    2,646    4,015    5,475    5,475    5,475    5,475  
       Total fixed charges   $ 90,848   $ 92,156   $ 96,185   $ 96,846   $ 86,270   $ 78,168  
2. Earnings (as defined):  
    E) Pretax income from  
      continuing operations   $ 79,965   $ 55,384   $ 65,382   $ 56,741   $ 51,939   $ 60,955  
    Fixed Charges (1. above)    90,848    92,156    96,185    96,846    86,270    78,168  
       Total earnings as defined   $ 170,813   $ 147,540   $ 161,567   $ 153,587   $ 138,209   $ 139,123  
     1.88    1.60    1.68    1.59    1.60    1.78