EXHIBIT 12
SOUTHWEST GAS CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Thousands of dollars)
For the Twelve Months Ended
----------------------------------------------------------------------------------
June 30, December 31,
--------------------------------------------------------------------
1998 1997 1996 1995 1994 1993
---------- ---------- ---------- ---------- ---------- ----------
Continuing operations
1. Fixed charges:
A) Interest expense $ 64,814 $ 63,247 $ 54,674 $ 52,844 $ 48,688 $ 40,883
B) Amortization 1,180 1,164 1,494 1,569 1,426 1,330
C) Interest portion of rentals 6,877 6,973 6,629 4,435 4,743 4,556
D) Preferred securities distributions 5,475 5,475 5,475 913 - -
---------- ---------- ---------- ---------- ---------- ----------
Total fixed charges $ 78,346 $ 76,859 $ 68,272 $ 59,761 $ 54,857 $ 46,769
========== ========== ========== ========== ========== ==========
2. Earnings (as defined):
E) Pretax income from
continuing operations $ 61,356 $ 21,328 $ 10,448 $ 3,493 $ 38,119 $ 21,959
Fixed Charges (1. above) 78,346 76,859 68,272 59,761 54,857 46,769
---------- ---------- ---------- ---------- ---------- ----------
Total earnings as defined $ 139,702 $ 98,187 $ 78,720 $ 63,254 $ 92,976 $ 68,728
========== ========== ========== ========== ========== ==========
3. Ratio of earnings to fixed charges 1.78 1.28 1.15 1.06 1.69 1.47
========== ========== ========== ========== ========== ==========
For the Twelve Months Ended
----------------------------------------------------------------------------------
June 30, December 31,
--------------------------------------------------------------------
1998 1997 1996 1995 1994 1993
---------- ---------- ---------- ---------- ---------- ----------
Adjusted for interest allocated to
discontinued operations
1. Fixed charges:
A) Interest expense $ 64,814 $ 63,247 $ 54,674 $ 52,844 $ 48,688 $ 40,883
B) Amortization 1,180 1,164 1,494 1,569 1,426 1,330
C) Interest portion of rentals 6,877 6,973 6,629 4,435 4,743 4,556
D) Preferred securities distributions 5,475 5,475 5,475 913 - -
E) Allocated interest [1] - - - 9,636 7,874 7,874
---------- ---------- ---------- ---------- ---------- ----------
Total fixed charges $ 78,346 $ 76,859 $ 68,272 $ 69,397 $ 62,731 $ 54,643
========== ========== ========== ========== ========== ==========
2. Earnings (as defined):
F) Pretax income from
continuing operations $ 61,356 $ 21,328 $ 10,448 $ 3,493 $ 38,119 $ 21,959
Fixed Charges (1. above) 78,346 76,859 68,272 69,397 62,731 54,643
---------- ---------- ---------- ---------- ---------- ----------
Total earnings as defined $ 139,702 $ 98,187 $ 78,720 $ 72,890 $ 100,850 $ 76,602
========== ========== ========== ========== ========== ==========
3. Ratio of earnings to fixed charges 1.78 1.28 1.15 1.05 1.61 1.40
========== ========== ========== ========== ========== ==========
[1] Represents allocated interest through the period ended December 31, 1995. Carrying costs for the
period subsequent to year end through the disposition of the discontinued operations were accrued and
recorded as disposal costs.
/TABLE
EXHIBIT 12
SOUTHWEST GAS CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(Thousands of dollars)
For the Twelve Months Ended
-------------------------------------------------------------------------------
June 30, December 31,
-----------------------------------------------------------------
1998 1997 1996 1995 1994 1993
--------- --------- --------- --------- --------- ---------
Continuing operations
1. Combined fixed charges:
A) Total fixed charges $ 78,346 $ 76,859 $ 68,272 $ 59,761 $ 54,857 $ 46,769
B) Preferred dividends [1] - - - 404 826 1,183
--------- --------- --------- --------- --------- ---------
Total fixed charges and
preferred dividends $ 78,346 $ 76,859 $ 68,272 $ 60,165 $ 55,683 $ 47,952
========= ========= ========= ========= ========= =========
2. Earnings $ 139,702 $ 98,187 $ 78,720 $ 63,254 $ 92,976 $ 68,728
========= ========= ========= ========= ========= =========
3. Ratio of earnings to fixed charges
and preferred dividends 1.78 1.28 1.15 1.05 1.67 1.43
========= ========= ========= ========= ========= =========
For the Twelve Months Ended
-------------------------------------------------------------------------------
June 30, December 31,
-----------------------------------------------------------------
1998 1997 1996 1995 1994 1993
--------- --------- --------- --------- --------- ---------
Adjusted for interest allocated to
discontinued operations
1. Combined fixed charges:
A) Total fixed charges $ 78,369 $ 76,859 $ 68,272 $ 69,397 $ 62,731 $ 54,643
B) Preferred dividends [1] - - - 404 826 1,183
--------- --------- --------- --------- --------- ---------
Total fixed charges and
preferred dividends $ 78,369 $ 76,859 $ 68,272 $ 69,801 $ 63,557 $ 55,826
========= ========= ========= ========= ========= =========
2. Earnings $ 139,702 $ 98,187 $ 78,720 $ 72,890 $ 100,850 $ 76,602
========= ========= ========= ========= ========= =========
3. Ratio of earnings to fixed charges
and preferred dividends 1.78 1.28 1.15 1.04 1.59 1.37
========= ========= ========= ========= ========= =========
[1] Preferred and preference dividends have been adjusted to represent the pretax earnings necessary
to cover such dividend requirements.
/TABLE