Exhibit 12.02
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF RATIOS
FOR THE YEAR ENDED DECEMBER 31, 2008
(Dollars in Millions)
CALCULATION OF BOND RATIO:
Net earnings (1) | $ | 821.8 | |||||
Divide by annualized interest charges on: | |||||||
Bonds outstanding under SCE&G's bond indenture dated April 1, 1993 (Mortgage) | $ | 147.4 | |||||
Other indebtedness (1) | 1.7 | ||||||
Total annualized interest charges | 149.1 | ||||||
Bond Ratio | 5.51 |
(1) As defined in the Mortgage.
CALCULATION OF PREFERRED STOCK RATIO:
Net earnings (2) | $ | 265.8 | |||||
Divide by annualized interest charges on: | |||||||
Bonds outstanding under SCE&G's mortgage bond indentures | $ | 147.4 | |||||
Preferred dividend requirements | 7.2 | ||||||
Total annualized interest charges | 154.6 | ||||||
Preferred Stock Ratio | 1.72 |
(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 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||
Fixed Charges as defined: | ||||||||||||||||
Interest on long-term debt | $ | 166.6 | $ | 149.8 | $ | 144.1 | $ | 143.0 | $ | 144.2 | ||||||
Amortization of debt premium, discount and expense (net) | 3.6 | 3.6 | 3.8 | 4.2 | 4.2 | |||||||||||
Interest component on rentals | 4.2 | 5.3 | 4.3 | 3.9 | 3.3 | |||||||||||
Total Fixed Charges(A) | 174.4 | 158.7 | 152.2 | 151.1 | 151.7 | |||||||||||
Preference security dividend as defined | 11.7 | 11.7 | 11.8 | 11.8 | 11.9 | |||||||||||
Total Fixed Charges and Preference Security Dividend (B) | $ | 186.1 | $ | 170.4 | $ | 164.0 | $ | 162.9 | $ | 163.6 | ||||||
Earnings as defined: | ||||||||||||||||
Pretax income from continuing operations | $ | 440.1 | $ | 361.4 | $ | 331.5 | $ | 113.7 | $ | 362.8 | ||||||
Total fixed charges | 174.4 | 158.7 | 152.2 | 151.1 | 151.7 | |||||||||||
Pre-tax equity in (earnings) losses of investees | (3.0 | ) | 19.5 | 21.8 | 77.2 | 1.3 | ||||||||||
Total Earnings (C) | $ | 611.5 | $ | 539.6 | $ | 505.5 | $ | 342.0 | $ | 515.8 | ||||||
Ratio of Earnings to Fixed Charges (C/A) | 3.51 | 3.40 | 3.32 | 2.26 | 3.40 | |||||||||||
Ratio of Earnings to Combined Fixed Charges and Preference | ||||||||||||||||
Security Dividends (C/B) | 3.29 | 3.17 | 3.08 | 2.10 | 3.15 |