Exhibit 12.02
SOUTH CAROLINA ELECTRIC & GAS COMPANY
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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SOUTH CAROLINA ELECTRIC & GAS COMPANY
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 | $ | 143.0 | $ | 144.2 | $ | 141.9 | $ | 132.0 | $ | 122.7 | ||||||
Amortization of debt premium, discount and expense (net) | 4.2 | 4.2 | 3.5 | 3.1 | 2.9 | |||||||||||
Interest component on rentals | 3.9 | 3.3 | 2.9 | 2.7 | 2.6 | |||||||||||
Preference security dividend requirement of consolidated subsidiary | - | - | 1.7 | 3.8 | 3.8 | |||||||||||
Total Fixed Charges | $ | 151.1 | $ | 151.7 | $ | 150.0 | $ | 141.6 | $ | 132.0 | ||||||
Preference security dividend as defined: | 11.8 | 11.9 | 11.9 | 11.9 | 12.0 | |||||||||||
Total Fixed Charges and Preference Security Dividend (A) | 162.9 | 163.6 | 161.9 | 153.5 | 144.0 | |||||||||||
Earnings as defined: | ||||||||||||||||
Pretax income from continuing operations | $ | 113.7 | $ | 362.8 | $ | 338.3 | $ | 341.5 | $ | 357.1 | ||||||
Total fixed charges | 151.1 | 151.7 | 150.0 | 141.6 | 132.0 | |||||||||||
Pre-tax equity earnings of investees | 77.2 | 1.3 | 1.1 | 0.6 | - | |||||||||||
Preference security dividend requirements of consolidated subsidiary | - | - | (1.7 | ) | (3.8 | ) | (3.8 | ) | ||||||||
Total Earnings (B) | $ | 342.0 | $ | 515.8 | $ | 487.7 | $ | 479.9 | $ | 485.3 | ||||||
Ratio of Earnings to Fixed Charges (B/A) | 2.10 | 3.15 | 3.01 | 3.13 | 3.37 |
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