EXHIBIT 12.1
SOUTHWEST GAS CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Thousands of dollars)
For the Twelve Months Ended
-----------------------------------------------------------------------------------
September 30, December 31,
---------------------------------------------------------------------
Continuing operations 1999 1998 1997 1996 1995 1994
------------ ------------ ------------ ------------ ------------- -------------
1. Fixed charges:
A) Interest expense $ 61,487 $ 63,416 $ 63,247 $ 54,674 $ 52,844 $ 48,688
B) Amortization 1,330 1,243 1,164 1,494 1,569 1,426
C) Interest portion of rentals 8,463 7,531 6,973 6,629 4,435 4,743
D) Preferred securities distributions 5,475 5,475 5,475 5,475 913 -
------------ ------------ ------------ ------------ ------------- -------------
Total fixed charges $ 76,755 $ 77,665 $ 76,859 $ 68,272 $ 59,761 $ 54,857
============ ============ ============ ============ ============= =============
2. Earnings (as defined):
E) Pretax income from
continuing operations $ 67,469 $ 83,951 $ 21,328 $ 10,448 $ 3,493 $ 38,119
Fixed Charges (1. above) 76,755 77,665 76,859 68,272 59,761 54,857
------------ ------------ ------------ ------------ ------------- -------------
Total earnings as defined $ 144,224 $ 161,616 $ 98,187 $ 78,720 $ 63,254 $ 92,976
============ ============ ============ ============ ============= =============
1.88 2.08 1.28 1.15 1.06 1.69
============ ============ ============ ============ ============= =============
For the Twelve Months Ended
-----------------------------------------------------------------------------------
September 30, December 31,
Adjusted for interest allocated to ---------------------------------------------------------------------
discontinued operations 1999 1998 1997 1996 1995 1994
------------ ------------ ------------ ------------ ------------- -------------
1. Fixed charges:
A) Interest expense $ 61,487 $ 63,416 $ 63,247 $ 54,674 $ 52,844 $ 48,688
B) Amortization 1,330 1,243 1,164 1,494 1,569 1,426
C) Interest portion of rentals 8,463 7,531 6,973 6,629 4,435 4,743
D) Preferred securities distributions 5,475 5,475 5,475 5,475 913 -
E) Allocated interest [1] - - - - 9,636 7,874
------------ ------------ ------------ ------------ ------------- -------------
Total fixed charges $ 76,755 $ 77,665 $ 76,859 $ 68,272 $ 69,397 $ 62,731
============ ============ ============ ============ ============= =============
2. Earnings (as defined):
F) Pretax income from
continuing operations $ 67,469 $ 83,951 $ 21,328 $ 10,448 $ 3,493 $ 38,119
Fixed Charges (1. above) 76,755 77,665 76,859 68,272 69,397 62,731
------------ ------------ ------------ ------------ ------------- -------------
Total earnings as defined $ 144,224 $ 161,616 $ 98,187 $ 78,720 $ 72,890 $ 100,850
============ ============ ============ ============ ============= =============
3. Ratio of earnings to fixed charges 1.88 2.08 1.28 1.15 1.05 1.61
============ ============ ============ ============ ============= =============
[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.
EXHIBIT 12.1
SOUTHWEST GAS CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(Thousands of dollars)
For the Twelve Months Ended
-------------------------------------------------------------------------------------
September 30, December 31,
-----------------------------------------------------------------------
Continuing operations 1999 1998 1997 1996 1995 1994
------------- ------------- ------------- ------------- ------------- -------------
1. Combined fixed charges:
A) Total fixed charges $ 76,755 $ 77,665 $ 76,859 $ 68,272 $ 59,761 $ 54,857
B) Preferred dividends [1] - - - - 404 826
------------- ------------- ------------- ------------- ------------- -------------
Total fixed charges and
preferred dividends $ 76,755 $ 77,665 $ 76,859 $ 68,272 $ 60,165 $ 55,683
============= ============= ============= ============= ============= =============
2. Earnings $ 144,224 $ 161,616 $ 98,187 $ 78,720 $ 63,254 $ 92,976
============= ============= ============= ============= ============= =============
3. Ratio of earnings to fixed charges
and preferred dividends 1.88 2.08 1.28 1.15 1.05 1.67
============= ============= ============= ============= ============= =============
For the Twelve Months Ended
-------------------------------------------------------------------------------------
Adjusted for interest allocated to September 30, December 31,
-----------------------------------------------------------------------
discontinued operations 1999 1998 1997 1996 1995 1994
------------- ------------- ------------- ------------- ------------- -------------
1. Combined fixed charges:
A) Total fixed charges $ 76,755 $ 77,665 $ 76,859 $ 68,272 $ 69,397 $ 62,731
B) Preferred dividends [1] - - - - 404 826
------------- ------------- ------------- ------------- ------------- -------------
Total fixed charges and
preferred dividends $ 76,755 $ 77,665 $ 76,859 $ 68,272 $ 69,801 $ 63,557
============= ============= ============= ============= ============= =============
2. Earnings $ 144,224 $ 161,616 $ 98,187 $ 78,720 $ 72,890 $ 100,850
============= ============= ============= ============= ============= =============
3. Ratio of earnings to fixed charges
and preferred dividends 1.88 2.08 1.28 1.15 1.04 1.59
============= ============= ============= ============= ============= =============
[1] Preferred and preference dividends have been adjusted to represent the pretax earnings necessary
to cover such dividend requirements.