Exhibit 12
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF BOND RATIO
FOR THE YEAR ENDED DECEMBER 31, 1995
(Thousands of Dollars)
Net earnings(1) $377,720
Divide by annualized interest charges on:
Bonds authenticated under the Company's
First and Refunding Mortgage Bond
Indenture $37,774
Other indebtedness(1) $57,260
Total annualized interest charges $ 95,034
Bond ratio 3.97
(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, 1995
(Thousands of Dollars)
Net earnings(1) $503,940
Divide by annualized interest charges on:
Bonds authenticated under the Company's
First Mortgage Bond Indenture $94,912
Other indebtedness(1) $ -
Total annualized interest charges $ 94,912
New Bond Ratio 5.31
(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, 1995
(Thousands of Dollars)
Net Earnings (1) $276,870
Divide by annualized interest charges on:
Bonds authenticated under the Company's
mortgage bond indentures $94,912
Other indebtedness(1) $ 6,621
Preferred Dividend Requirements $ 5,629
Total annualized interest charges $107,162
Preferred stock ratio 2.58
(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, 1995
(Thousands of Dollars)
Year Ended December 31,
1995 1994 1993 1992 1991
Fixed Charges as defined:
Interest on long-term debt.................. $ 96,138 $ 85,368 $ 77,975 $ 79,452 $ 73,474
Amortization of debt premium, discount and
expense (net).............................. 2,223 1,993 1,435 765 776
Interest on debt to affiliate............... 114 279 29 16 830
Other interest expense...................... 9,210 4,910 5,783 6,761 6,260
Interest component of rentals............... 2,771 2,692 2,823 923 885
Total Fixed Charges (A)................. $110,456 $ 95,242 $ 88,045 $ 87,917 $ 82,225
Earnings, as defined:
Income...................................... $169,185 $152,043 $145,968 $102,163 $122,836
Income taxes................................ 97,249 82,716 80,738 50,158 67,863
Total fixed charges above................... 110,456 95,242 88,045 87,917 82,225
Total Earnings (B)...................... $376,890 $330,001 $314,751 $240,238 $272,924
Ratio of Earnings to fixed charges (B/A)...... 3.41 3.46 3.57 2.73 3.32
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