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Content analysis
?Positive | ||
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H.S. freshman Avg
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EXHIBIT 12.1
PSEG POWER LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
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| For the Nine Months |
| For the Years Ended | |||||||||||||||||
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| 2009 |
| 2008 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 | |||||||
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| (Millions, except ratios) | |||||||||||||||||
Earnings as Defined in Regulation S-K (A): |
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Pre-tax Income from Continuing Operations |
| $ | 1,529 |
| $ | 1,414 |
| $ | 1,711 |
| $ | 1,590 |
| $ | 878 |
| $ | 752 |
| $ | 594 |
Fixed Charges |
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| 140 |
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| 159 |
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| 197 |
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| 193 |
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| 190 |
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| 197 |
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| 198 |
Capitalized Interest (B) |
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| (20) |
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| (33) |
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| (31) |
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| (23) |
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| (30) |
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| (89) |
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| (107) |
Preferred Stock Dividend Requirements |
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| - |
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| - |
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| - |
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| - |
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| - |
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| - |
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| - |
Total Earnings |
| $ | 1,649 |
| $ | 1,540 |
| $ | 1,877 |
| $ | 1,760 |
| $ | 1,038 |
| $ | 860 |
| $ | 685 |
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Fixed Charges as Defined in Regulation S-K |
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Interest Expense |
| $ | 139 |
| $ | 158 |
| $ | 195 |
| $ | 192 |
| $ | 189 |
| $ | 195 |
| $ | 197 |
Interest Factor in Rentals |
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| 1 |
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| 1 |
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| 2 |
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| 1 |
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| 1 |
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| 2 |
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| 1 |
Preferred Stock Dividend Requirements |
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| - |
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| - |
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| - |
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| - |
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| - |
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| - |
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| - |
Total Fixed Charges |
| $ | 140 |
| $ | 159 |
| $ | 197 |
| $ | 193 |
| $ | 190 |
| $ | 197 |
| $ | 198 |
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Ratio of Earnings to Fixed Charges |
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| 11.78 |
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| 9.69 |
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| 9.53 |
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| 9.12 |
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| 5.46 |
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| 4.37 |
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| 3.46 |
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(A) | The term “earnings” shall be defined as pre-tax Income from Continuing Operations. Add to pre-tax income the amount of fixed charges adjusted to exclude the amount of any interest capitalized during the period. |
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(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. |