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Exhibit 12.02
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF RATIOS
FOR THE YEAR ENDED DECEMBER 31, 2004
(Dollars in Millions)
CALCULATION OF BOND RATIO:
Net earnings(1) | $ | 711.1 | |||||||
Divide by annualized interest charges on: | |||||||||
Bonds authenticated under SCE&G's First and Refunding Mortgage Bond Indenture | $ | 11.8 | |||||||
Other indebtedness(1) | 112.5 | ||||||||
Total annualized interest charges | 124.3 | ||||||||
Bond Ratio | 5.72 |
- (1)
- As defined under SCE&G's First and Refunding Mortgage Bond Indenture, dated January 1, 1945 (Old Mortgage).
CALCULATION OF NEW BOND RATIO:
Net earnings(2) | $ | 691.9 | |||||||
Divide by annualized interest charges on: | |||||||||
Bonds authenticated under SCE&G's First Mortgage Bond Indenture | $ | 111.0 | |||||||
Other indebtedness(2) | 13.3 | ||||||||
Total annualized interest charges | 124.3 | ||||||||
New Bond Ratio | 5.57 |
- (2)
- As defined under SCE&G's Collateral Trust Mortgage Indenture, dated April 1, 1993 (New Mortgage).
CALCULATION OF PREFERRED STOCK RATIO:
Net earnings(3) | $ | 225.2 | |||||||
Divide by annualized interest charges on: | |||||||||
Bonds outstanding under SCE&G's mortgage bond indentures | $ | 124.3 | |||||||
Preferred dividend requirements | 7.3 | ||||||||
Total annualized interest charges | 131.6 | ||||||||
Preferred Stock Ratio | 1.71 |
- (3)
- As defined under SCE&G's Restated Articles of Incorporation.
SOUTH CAROLINA ELECTRIC & GAS COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For Each of the Five Years Ended December 31, 2004
(Dollars in Millions)
| Years Ended December 31, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||
Fixed Charges as defined: | ||||||||||||||||||
Interest on long-term debt | $ | 144.2 | $ | 143.7 | $ | 132.4 | $ | 123.4 | $ | 113.7 | ||||||||
Amortization of debt premium, discount and expense (net) | 4.2 | 3.5 | 3.0 | 2.9 | 2.6 | |||||||||||||
Interest component on rentals | 3.3 | 2.9 | 2.7 | 1.8 | 1.2 | |||||||||||||
Preference security dividend requirement | — | 1.7 | 3.8 | 3.8 | 3.8 | |||||||||||||
Total Fixed Charges (A) | $ | 151.7 | $ | 151.8 | $ | 141.9 | $ | 131.9 | $ | 121.3 | ||||||||
Earnings as defined: | ||||||||||||||||||
Pretax income from continuing operations | $ | 502.6 | $ | 477.3 | $ | 468.8 | $ | 470.1 | $ | 491.7 | ||||||||
Total fixed charges above | 151.7 | 151.8 | 141.9 | 131.9 | 121.3 | |||||||||||||
Preference security dividend requirements from above | — | (1.7 | ) | (3.8 | ) | (3.8 | ) | (3.8 | ) | |||||||||
Total Earnings (B) | $ | 654.3 | $ | 627.4 | $ | 606.9 | $ | 598.2 | $ | 609.2 | ||||||||
Ratio of Earnings to Fixed Charges (B/A) | 4.31 | 4.13 | 4.28 | 4.54 | 5.02 | |||||||||||||
SOUTH CAROLINA ELECTRIC & GAS COMPANY CALCULATION OF RATIOS FOR THE YEAR ENDED DECEMBER 31, 2004 (Dollars in Millions)