Exhibit 12
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF BOND RATIO
FOR THE YEAR ENDED DECEMBER 31, 1996
(Thousands of Dollars)
Net earnings(1) $408,299
Divide by annualized interest charges on:
Bonds authenticated under the Company's
First and Refunding Mortgage Bond
Indenture $36,336
Other indebtedness(1) $57,137
Total annualized interest charges $ 93,473
Bond ratio 4.37
(1) As defined under the Company's First and Refunding Mortgage Bond
Indenture (Old Mortgage).
93
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF NEW BOND RATIO
FOR THE YEAR ENDED DECEMBER 31, 1996
(Thousands of Dollars)
Net earnings(1) $551,360
Divide by annualized interest charges on:
Bonds authenticated under the Company's
First Mortgage Bond Indenture $57,137
Other indebtedness(1) $36,336
Total annualized interest charges $ 93,473
New Bond Ratio 5.90
(1) As defined under the Company's Collateral Trust Mortgage Indenture (New
Mortgage).
94
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF PREFERRED STOCK RATIO
FOR THE YEAR ENDED DECEMBER 31, 1996
(Thousands of Dollars)
Net Earnings (1) $294,998
Divide by annualized interest charges on:
Bonds authenticated under the Company's
mortgage bond indentures $93,473
Other indebtedness(1) $ 6,416
Preferred Dividend Requirements $ 5,372
Total annualized interest charges $105,261
Preferred stock ratio 2.80
(1) As defined under the Company's Restated Articles of Incorporation.
95
SOUTH CAROLINA ELECTRIC & GAS COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For Each of the Five Years Ended December 31, 1996
(Thousands of Dollars)
Year Ended December 31,
1996 1995 1994 1993 1992
Fixed Charges as defined:
Interest on long-term debt.................. $ 94,834 $ 96,138 $ 85,368 $ 77,975 $ 79,452
Amortization of debt premium, discount and
expense (net).............................. 2,315 2,223 1,993 1,435 765
Interest on debt to affiliate............... - 114 279 29 16
Other interest expense...................... 7,367 9,210 4,910 5,783 6,761
Interest component of rentals............... 2,255 2,771 2,692 2,823 923
Total Fixed Charges (A)................. $106,771 $110,456 $ 95,242 $ 88,045 $ 87,917
Earnings, as defined:
Income...................................... $190,482 $169,185 $152,043 $145,968 $102,163
Income taxes................................ 108,176 97,249 82,716 80,738 50,158
Total fixed charges above................... 106,771 110,456 95,242 88,045 87,917
Total Earnings (B)...................... $405,429 $376,890 $330,001 $314,751 $240,238
Ratio of Earnings to fixed charges (B/A)...... 3.80 3.41 3.46 3.57 2.73
96