EXHIBIT 12(A)
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
YEARS ENDED DECEMBER 31,
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1991 1992 1993 1994 1995
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(THOUSANDS OF DOLLARS)
Net Income....................... $ 545,479 $ 475,936 $ 614,868 $ 659,406 $ 616,964
Plus Income Taxes (A)............ 261,912 223,782 307,414 301,447 325,737
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Income Before Income Taxes....... 807,391 699,718 922,282 960,853 942,701
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Fixed Charges
Interest Charges (B)........... 358,517 401,902 389,956 395,925 406,869
Interest Factor in Rentals..... 9,311 9,591 11,090 12,120 11,956
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Total.................. 367,828 411,493 401,046 408,045 418,825
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Earnings Before Fixed Charges.... $1,175,219 $1,111,211 $1,323,328 $1,368,898 $1,361,526
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Ratio............................ 3.20 2.70 3.30 3.35 3.25
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(A) Includes state income taxes and federal income taxes for other income.
(B) Excludes 1991 and 1992 interest expense on decommissioning costs of $6,956 and $5,208,
respectively. Effective January 1, 1992, accounting was changed to follow Federal Energy
Regulatory Commission guidelines.