Exhibit 12.01
SCANA CORPORATION
CALCULATION OF RATIOS
FOR THE YEAR ENDED DECEMBER 31, 2002
(Millions of Dollars)
CALCULATION OF BOND RATIO:
Net earnings (1) $638.2
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's First and Refunding
Mortgage Bond Indenture $12.5
Other indebtedness (1) 103.2
Total annualized interest charges 115.7
Bond Ratio 5.51
(1) As defined under SCE&G's First and Refunding Mortgage Bond Indenture, dated
April 1, 1945 (Old Mortgage).
CALCULATION OF NEW BOND RATIO:
Net earnings (1) $620.3
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's First Mortgage Bond Indenture $103.2
Other indebtedness (1) 12.5
Total annualized interest charges 115.7
New Bond Ratio 5.36
(1) As defined under SCE&G's Collateral Trust Mortgage Indenture, dated April 1,
1993 (New Mortgage).
CALCULATION OF PREFERRED STOCK RATIO:
Net earnings (1) $212.3
Divide by annualized interest charges on:
Bonds outstanding under SCE&G's mortgage bond indentures $115.7
Preferred Dividend Requirements 7.4
Total annualized interest charges 123.1
Preferred Stock Ratio 1.72
(1) As defined under SCE&G's Restated Articles of Incorporation.
SCANA CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For Each of the Five Years Ended December 31, 2002
(Millions of Dollars)
Years Ended December 31,
----------------------------------------------------------
2002 2001 2000 1999 1998
----- ---- ---- ---- ----
Fixed Charges as defined:
Interest on long-term debt $206.1 $227.5 $226.1 $143.0 $128.0
Amortization of debt premium, discount and expense (net) 5.1 6.4 4.4 3.1 2.7
Interest component on rentals 3.4 1.8 1.2 0.8 0.9
Preference security dividend requirement 15.7 15.7 15.8 15.8 15.8
- ----------------------------------------------------------------- ------------- ----------- ---------- ----------- ---------
Total Fixed Charges (A) $230.3 $251.4 $247.5 $162.7 $147.4
================================================================= ============= =========== ========== =========== =========
Earnings, as defined:
Pretax income (loss) from continuing operations $(100.1) $851.6 $374.3 $302.5 $366.2
Total fixed charges above 230.3 251.4 247.5 162.7 147.4
Distribution from equity investee 7.8 11.2 5.9 1.3 -
Preference security dividend requirements from above (15.7) (15.8) (15.8) (15.8)
(15.7)
- ----------------------------------------------------------------- ------------- ----------- ---------- ----------- ---------
Total Earnings (B) $122.3 $1,098.5 $611.9 $450.7 $497.8
================================================================= ============= =========== ========== =========== =========
Ratio of Earnings to fixed charges (B/A) .53 4.37 2.47 2.77 3.38
================================================================= ============= =========== ========== =========== =========
For 2002, an additional $106.8 million in pretax income from continuing
operations would be needed to obtain a ratio of 1.0. (See Note 2 of Notes to
Consolidated Financial Statements).
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF RATIOS
FOR THE YEAR ENDED DECEMBER 31, 2002
(Millions of Dollars)
CALCULATION OF BOND RATIO:
Net earnings (1) $638.2
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's First and Refunding
Mortgage Bond Indenture $12.5
Other indebtedness (1) 103.2
Total annualized interest charges 115.7
Bond Ratio 5.51
(1) As defined under SCE&G's First and Refunding Mortgage Bond Indenture, dated
April 1, 1945 (Old Mortgage).
CALCULATION OF NEW BOND RATIO:
Net earnings (1) $620.3
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's First Mortgage Bond Indenture $103.2
Other indebtedness (1) 12.5
Total annualized interest charges 115.7
New Bond Ratio 5.36
(1) As defined under SCE&G's Collateral Trust Mortgage Indenture, dated April 1,
1993 (New Mortgage).
CALCULATION OF PREFERRED STOCK RATIO:
Net earnings (1) $212.3
Divide by annualized interest charges on:
Bonds outstanding under SCE&G's mortgage bond indentures $115.7
Preferred Dividend Requirements 7.4
Total annualized interest charges 123.1
Preferred Stock Ratio 1.72
(1) As defined under SCE&G's Restated Articles of Incorporation.
SOUTH CAROLINA ELECTRIC & GAS COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For Each of the Five Years Ended December 31, 2002
(Millions of Dollars)
Years Ended December 31,
-----------------------------------------------------------
2002 2001 2000 1999 1998
---- ---- ---- ---- ----
Fixed Charges as defined:
Interest on long-term debt $125.7 $115.8 $106.4 $103.0 $98.8
Amortization of debt premium, discount and expense (net) 3.0 2.8 2.6 2.5 2.3
Interest component on rentals 2.7 1.8 1.1 0.8 0.9
Preference security dividend requirement 3.8 3.8 3.8 3.8 3.8
- ---------------------------------------------------------------- ----------- ----------- ---------- ----------- ------------
Total Fixed Charges (A) $135.2 $124.2 $113.9 $110.1 $105.8
================================================================ =========== =========== ========== =========== ============
Earnings, as defined:
Pretax income from continuing operations $337.2 $349.0 $372.7 $302.7 $363.1
Total fixed charges above 135.2 124.2 113.9 110.1 105.8
Preference security dividend requirements from above (3.8) (3.8) (3.8) (3.8)
(3.8)
- ---------------------------------------------------------------- ----------- ----------- ---------- ----------- ------------
Total Earnings (B) $468.6 $469.4 $482.8 $409.0 $465.1
================================================================ =========== =========== ========== =========== ============
Ratio of Earnings to fixed charges (B/A) 3.47 3.78 4.24 3.71 4.40
================================================================ =========== =========== ========== =========== ============
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Years Ended
December 31, 2002,
2001 and 2000 and
Each of the Fiscal
Years Ended
September 30, 1999
and 1998
(Millions of Dollars)
Years Ended Fiscal Years Ended
December 31, September 30,
2002 2001 2000 1999 1998
---- ---- ---- ---- ----
Fixed Charges as defined:
Interest on long-term debt $19.8 $20.3 $12.4 $13.7 $15.0
Interest expense 1.6 2.4 8.0 4.6 3.2
Amortization of debt discount 0.3 0.3 0.2 0.4 0.2
Interest components on rentals 0.3 0.3 0.1 0.1 0.1
- ---------------------------------------------------------------- ------------ ----------- ----------- ------ ---------- ------------
Total Fixed Charges (A) $22.0 $23.3 $20.7 $18.8 $18.5
================================================================ ============ =========== =========== ====== ========== ============
Earnings, as defined:
Pretax income (loss) from continuing operations $(193.5) $32.9 $45.1 $41.9 $41.1
Total fixed charges above 22.0 23.3 20.7 18.8 18.5
Pretax equity earnings of investees (4.8) (5.2) (5.4) (1.0) (0.1)
Cash Distributions from equity investees 5.0 8.2 2.7 - -
- ---------------------------------------------------------------- ------------ ----------- ----------- ------ ---------- ------------
Total Earnings (B) $(171.3) $59.2 $63.1 $59.7 $59.5
================================================================ ============ =========== =========== ====== ========== ============
Ratio of Earnings to fixed charges (B/A) (7.78) 2.54 3.05 3.18 3.22
================================================================ ============ =========== =========== ====== ========== ============
For 2002, an additional $193.2 million in pretax income from continuing
operations would be needed to obtain a ratio of 1.0 (See Note 2 of Notes to
Consolidated Financial Statements).