Exhibit 12.01
SCANA CORPORATION
CALCULATION OF RATIOS
FOR THE YEAR ENDED DECEMBER 31, 2005
(Dollars in Millions)
CALCULATION OF BOND RATIO:
Net earnings(1) | $ | 781.8 | |||||
Divide by annualized interest charges on: | |||||||
Bonds authenticated under SCE&G's First and Refunding Mortgage Bond Indenture | $ | 11.8 | |||||
Other indebtedness(1) | 99.4 | ||||||
Total annualized interest charges | 111.2 | ||||||
Bond Ratio | 7.03 |
(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) | $ | 751.4 | |||||
Divide by annualized interest charges on: | |||||||
Bonds authenticated under SCE&G's First Mortgage Bond Indenture | $ | 97.3 | |||||
Other indebtedness(2) | 13.9 | ||||||
Total annualized interest charges | 111.2 | ||||||
New Bond Ratio | 6.76 |
(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) | $ | 250.8 | |||||
Divide by annualized interest charges on: | |||||||
Bonds outstanding under SCE&G's mortgage bond indentures | $ | 111.2 | |||||
Preferred dividend requirements | 7.3 | ||||||
Total annualized interest charges | 118.5 | ||||||
Preferred Stock Ratio | 2.12 |
(3) As defined under SCE&G's Restated Articles of Incorporation.
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SCANA CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For Each of the Five Years Ended December 31, 2005
(Dollars in Millions)
Years Ended December 31, | ||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||
Fixed Charges as defined: | ||||||||||||||||
Interest on long-term debt | $ | 209.4 | $ | 206.9 | $ | 206.1 | $ | 206.1 | $ | 227.5 | ||||||
Amortization of debt premium, discount and expense (net) | 6.0 | 5.4 | 4.9 | 5.1 | 6.4 | |||||||||||
Interest component on rentals | 4.7 | 3.9 | 3.6 | 3.4 | 1.8 | |||||||||||
Preference security dividend requirement | 11.8 | 11.9 | 13.6 | 15.7 | 15.7 | |||||||||||
Total Fixed Charges (A) | $ | 231.9 | $ | 228.1 | $ | 228.2 | $ | 230.3 | $ | 251.4 | ||||||
Earnings as defined: | ||||||||||||||||
Pretax income (loss) from continuing operations | $ | 208.7 | $ | 387.1 | $ | 426.2 | $ | (94.3 | ) | $ | 855.4 | |||||
Total fixed charges above | 231.9 | 228.1 | 228.2 | 230.3 | 251.4 | |||||||||||
Pretax equity (earnings) losses of investees | 71.9 | (5.4 | ) | (5.2 | ) | (5.8 | ) | (3.7 | ) | |||||||
Cash distributions from equity investees | 7.1 | 7.4 | 7.7 | 7.8 | 11.2 | |||||||||||
Preference security dividend requirements from above | (11.8 | ) | (11.9 | ) | (13.6 | ) | (15.7 | ) | (15.7 | ) | ||||||
Total Earnings (B) | $ | 507.8 | $ | 605.3 | $ | 643.3 | $ | 122.3 | $ | 1,098.6 | ||||||
Ratio of Earnings to Fixed Charges (B/A) | 2.19 | 2.65 | 2.82 | .53 | 4.37 |
For 2002, an additional $106.8 million in income before income taxes would be needed to obtain a ratio of 1.0. Income in 2002 was negatively impacted by an impairment charge recorded in connection with the cumulative effect of an accounting change.
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