Exhibit 12.01
SCANA CORPORATION
CALCULATION OF RATIOS
FOR THE YEAR ENDED DECEMBER 31, 2003
(Dollars in Millions)
CALCULATION OF BOND RATIO:
Net earnings (1) $662.5
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's First and Refunding Mortgage Bond Indenture $11.8
Other indebtedness (1) 118.7
Total annualized interest charges 130.5
Bond Ratio 5.08
(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 (2) $635.1
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's First Mortgage Bond Indenture $118.7
Other indebtedness (2) 11.8
Total annualized interest charges 130.5
New Bond Ratio 4.87
(2) As defined under SCE&G's Collateral Trust Mortgage Indenture, dated April 1,
1993 (New Mortgage).
CALCULATION OF PREFERRED STOCK RATIO:
Net earnings (3) $213.1
Divide by annualized interest charges on:
Bonds outstanding under SCE&G's mortgage bond indentures $130.4
Preferred dividend requirements 7.3
Total annualized interest charges 137.7
Preferred Stock Ratio 1.55
(3) 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, 2003
(Dollars in Millions)
Years Ended December 31,
-------------------------------------------------------------
2003 2002 2001 2000 1999
---- ----- ---- ---- ----
Fixed Charges as defined:
Interest on long-term debt $206.1 $206.1 $227.5 $226.1 $143.0
Amortization of debt premium, discount and expense (net) 4.9 5.1 6.4 4.4 3.1
Interest component on rentals 3.6 3.4 1.8 1.2 0.8
Preference security dividend requirement 13.6 15.7 15.7 15.8 15.8
- ------------------------------------------------------------------- -------------- ------------- ---------- ----------- ---------
Total Fixed Charges (A) $228.2 $230.3 $251.4 $247.5 $162.7
=================================================================== ============== ============= ========== =========== =========
Earnings as defined:
Pretax income (loss) from continuing operations $426.2 $(94.3) $855.4 $373.7 $301.4
Total fixed charges above 228.2 230.3 251.4 247.5 162.7
Pretax equity earnings of investees (5.2) (3.7) 0.6 1.1
(5.8)
Cash distributions from equity investees 7.7 7.8 11.2 5.9 1.3
Preference security dividend requirements from above (13.6) (15.7) (15.8) (15.8)
(15.7)
- ------------------------------------------------------------------- -------------- ------------- ---------- ----------- ---------
Total Earnings (B) $643.3 $122.3 $1,098.6 $611.9 $450.7
=================================================================== ============== ============= ========== =========== =========
Ratio of Earnings to Fixed Charges (B/A) 2.82 .53 4.37 2.47 2.77
=================================================================== ============== ============= ========== =========== =========
For 2002, an additional $106.8 million in income before income taxes would be
needed to obtain a ratio of 1.0. See Note 1G to the consolidated financial
statements.
Exhibit 12.02
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF RATIOS
FOR THE YEAR ENDED DECEMBER 31, 2003
(Dollars in Millions)
CALCULATION OF BOND RATIO:
Net earnings (1) $662.5
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's First and Refunding Mortgage Bond Indenture $11.8
Other indebtedness (1) 118.7
Total annualized interest charges 130.5
Bond Ratio 5.08
(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 (2) $635.1
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's First Mortgage Bond Indenture $118.7
Other indebtedness (2) 11.8
Total annualized interest charges 130.5
New Bond Ratio 4.87
(2) As defined under SCE&G's Collateral Trust Mortgage Indenture, dated April 1,
1993 (New Mortgage).
CALCULATION OF PREFERRED STOCK RATIO:
Net earnings 3) $213.1
Divide by annualized interest charges on:
Bonds outstanding under SCE&G's mortgage bond indentures $130.4
Preferred dividend requirements 7.3
Total annualized interest charges 137.7
Preferred Stock Ratio 1.55
(3) 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, 2003
(Dollars in Millions)
Years Ended December 31,
-----------------------------------------------------------
2003 2002 2001 2000 1999
---- ---- ---- ---- ----
Fixed Charges as defined:
Interest on long-term debt $136.2 $125.7 $115.8 $106.4 $103.0
Amortization of debt premium, discount and expense (net) 3.4 3.0 2.8 2.6 2.5
Interest component on rentals 2.9 2.7 1.8 1.1 0.8
Preference security dividend requirement 1.7 3.8 3.8 3.8 3.8
- ---------------------------------------------------------------- ----------- ----------- ---------- ----------- ------------
Total Fixed Charges (A) $144.2 $135.2 $124.2 $113.9 $110.1
================================================================ =========== =========== ========== =========== ============
Earnings as defined:
Pretax income from continuing operations $331.3 $337.2 $349.0 $372.7 $302.7
Total fixed charges above 144.2 135.2 124.2 113.9 110.1
Preference security dividend requirements from above (3.8) (3.8) (3.8)
(1.7) (3.8)
- ---------------------------------------------------------------- ----------- ----------- ---------- ----------- ------------
Total Earnings (B) $473.8 $468.6 $469.4 $482.8 $409.0
================================================================ =========== =========== ========== =========== ============
Ratio of Earnings to Fixed Charges (B/A) 3.29 3.47 3.78 4.24 3.71
================================================================ =========== =========== ========== =========== ============
Exhibit 12.03
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For Each of the Four Years Ended December 31, 2003 and Fiscal Year Ended September 30, 1999
(Dollars in Millions)
Fiscal
Year
Years Ended Ended
December 31, September 30,
2003 2002 2001 2000 1999
---- ---- ---- ---- ----
Fixed Charges as defined:
Interest on long-term debt $19.1 $19.8 $20.3 $12.4 $13.7
Interest expense 1.7 1.6 2.4 8.0 4.6
Amortization of debt discount 0.2 0.3 0.3 0.2 0.4
Interest components on rentals 0.3 0.3 0.3 0.1 0.1
- ------------------------------------------------------------ ---------- ----------- ----------- ----------- ------------------
Total Fixed Charges (A) $21.3 $22.0 $23.3 $20.7 $18.8
============================================================ ========== =========== =========== =========== ==================
Earnings as defined:
Pretax income (loss) from continuing operations $50.0 $(193.5) $32.9 $45.1 $41.9
Total fixed charges above 21.3 22.0 23.3 20.7 18.8
Pretax equity earnings of investees (4.5) (5.2) (5.4) (1.0)
(4.8)
Cash distributions from equity investees 4.9 5.0 8.2 2.7 -
- ------------------------------------------------------------ ---------- ----------- ----------- ----------- ------------------
Total Earnings (B) $71.7 $(171.3) $59.2 $63.1 $59.7
============================================================ ========== =========== =========== =========== ==================
Ratio of Earnings to Fixed Charges (B/A) 3.37 (7.78) 2.54 3.05 3.18
============================================================ ========== =========== =========== =========== ==================
For 2002, an additional $193.2 million in income before income taxes would be
needed to obtain a ratio of 1.0. See Note 1G to the consolidated financial
statements.
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