Exhibit 12
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF BOND RATIO
FOR THE YEAR ENDED DECEMBER 31, 1994
(Thousands of Dollars)
Net earnings(1) $331,551
Divide by annualized interest charges on:
Bonds authenticated under the Company's
First and Refunding Mortgage Bond
Indenture $42,901
Other indebtedness(1) $51,224
Total annualized interest charges $ 94,125
Bond ratio 3.52
(1) As defined under the Company's First and Refunding Mortgage Bond
Indenture (Old Mortgage).
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SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF NEW BOND RATIO
FOR THE YEAR ENDED DECEMBER 31, 1994
(Thousands of Dollars)
Net earnings(1) $448,766
Divide by annualized interest charges on:
Bonds authenticated under the Company's
First Mortgage Bond Indenture $49,513
Other indebtedness(1) $43,096
Total annualized interest charges $ 92,609
New Bond Ratio 4.85
(1) As defined under the Company's Collateral Trust Mortgage Indenture (New
Mortgage).
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SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF PREFERRED STOCK RATIO
FOR THE YEAR ENDED DECEMBER 31, 1994
(Thousands of Dollars)
Net Earnings (1) $244,593
Divide by annualized interest charges on:
Bonds authenticated under the Company's
mortgage bond indentures $ 92,414
Other indebtedness(1) $ 8,432
Preferred Dividend Requirements $ 5,887
Total annualized interest charges $106,733
Preferred stock ratio 2.29
(1) As defined under the Company'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, 1994
(Thousands of Dollars)
Year Ended December 31,
1994 1993 1992 1991 1990
Fixed Charges as defined:
Interest on long-term debt.................. $ 85,368 $ 77,975 $ 79,452 $ 73,474 $ 67,255
Amortization of debt premium, discount and
expense (net).............................. 1,993 1,435 765 776 600
Interest on debt to affiliate............... 279 29 16 830 2,232
Other interest expense...................... 4,910 5,783 6,761 6,260 9,394
Interest component of rentals............... 2,692 2,823 923 885 948
Total Fixed Charges (A)................. $ 95,242 $ 88,045 $ 87,917 $ 82,225 $ 80,429
Earnings, as defined:
Income...................................... $152,043 $145,968 $102,163 $122,836 $120,839
Income taxes................................ 82,716 80,738 50,158 67,863 66,389
Total fixed charges above................... 95,242 88,045 87,917 82,225 80,429
Total Earnings (B)...................... $330,001 $314,751 $240,238 $272,924 $267,657
Ratio of Earnings to fixed charges (B/A)...... 3.46 3.57 2.73 3.32 3.33
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