EXHIBIT 12
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED SECURITIES DIVIDEND REQUIREMENTS
Years Ended December 31,
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1992 1993(A) 1994 1995 1996
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(Thousands of Dollars)
Earnings as Defined in Regulation S-K:
Income from Continuing Operations (B) 475,150 549,178 666,521 627,287 587,358
Federal Income Taxes (C) 238,270 296,223 320,218 348,324 297,277
Fixed Charges 537,455 538,556 534,875 548,579 527,974
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Earnings 1,250,875 1,383,957 1,521,614 1,524,190 1,412,609
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Fixed Charges as Defined in Regulation S-K
(D):
Total Interest Expense (E) (F) 481,116 470,585 462,189 464,207 453,111
Interest Factor in Rentals 9,591 11,090 12,120 11,956 11,490
Subsidiaries' Preferred Securities Dividend
Requirements -- -- -- -- 27,741
Preferred Stock Dividends 31,907 38,114 42,163 49,426 23,161
Adjustment to Preferred Stock Dividends to
state on a pre-income tax basis 14,841 18,767 18,403 22,990 12,471
------------ ----------- ----------- ----------- -----------
537,455 538,556 534,875 548,579 527,974
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Ratio of Earnings to Fixed Charges 2.33 2.57 2.84 2.78 2.68
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Notes:
(A) Excludes cumulative effect of $5.4 million credit to income reflecting a
change in income taxes.
(B) Excludes income from discontinued operations.
(C) Includes state income taxes and federal income taxes for other incomes.
(D) Fixed Charges represent (a) interest, whether expensed or capitalized, (b)
amortization of debt discount, premium and expense, (c) an estimate of
interest implicit in rentals, and (d) preferred securities dividend
requirements of subsidiaries and preferred stock dividends, increased to
reflect the pre-tax earnings requirement for Public Service Enterprise
Group Incorporated.
(E) Excludes 1992 interest expense on decommissioning cost of $5,208.
(F) Excludes interest expense from discontinued operations.