1
EXHIBIT 12.01
SOUTHWEST GAS CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(THOUSANDS OF DOLLARS)
FOR THE YEAR ENDED DECEMBER 31,
-----------------------------------------------
1996 1995 1994 1993 1992
------- ------- ------- ------- -------
CONTINUING OPERATIONS
1. Fixed charges:
A) Interest expense......................... $54,674 $52,844 $48,688 $40,883 $35,533
B) Amortization............................. 1,494 1,569 1,426 1,330 1,183
C) Interest portion of rentals.............. 6,629 4,435 4,743 4,556 4,468
D) Preferred securities distributions....... 5,475 913 -- -- --
------- ------- ------- ------- -------
Total fixed charges.................... $68,272 $59,761 $54,857 $46,769 $41,184
======= ======= ======= ======= =======
2. Earnings (as defined):
E) Pretax income from continuing
operations................................ $ 6,574 $ 3,493 $38,119 $21,959 $49,752
Fixed Charges (1. above).................... 68,272 59,761 54,857 46,769 41,184
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Total earnings as defined.............. $74,846 $63,254 $92,976 $68,728 $90,936
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3. Ratio of earnings to fixed charges.......... 1.10 1.06 1.69 1.47 2.21
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FOR THE YEAR ENDED DECEMBER 31,
------------------------------------------------
1996 1995 1994 1993 1992
------- ------- -------- ------- -------
ADJUSTED FOR INTEREST ALLOCATED TO DISCONTINUED
OPERATIONS
1. Fixed charges:
A) Interest expense........................ $54,674 $52,844 $ 48,688 $40,883 $35,533
B) Amortization............................ 1,494 1,569 1,426 1,330 1,183
C) Interest portion of rentals............. 6,629 4,435 4,743 4,556 4,468
D) Preferred securities distributions...... 5,475 913 -- -- --
E) Allocated interest...................... -- 9,636 7,874 7,874 7,333
------- ------- ------- ------- -------
Total fixed charges................... $68,272 $69,397 $ 62,731 $54,643 $48,517
======= ======= ======= ======= =======
2. Earnings (as defined):
F) Pretax income from continuing
operations............................... $ 6,574 $ 3,493 $ 38,119 $21,959 $49,752
Fixed Charges (1. above)................... 68,272 69,397 62,731 54,643 48,517
------- ------- ------- ------- -------
Total earnings as defined............. $74,846 $72,890 $100,850 $76,602 $98,269
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3. Ratio of earnings to fixed charges......... 1.10 1.00 1.61 1.40 2.03
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EXHIBIT 12.01
SOUTHWEST GAS CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS
(THOUSANDS OF DOLLARS)
FOR THE YEAR ENDED DECEMBER 31,
-------------------------------------------------------
1996 1995 1994 1993 1992
------- ------- ------- ------- -------
CONTINUING OPERATIONS
1. Combined fixed charges:
A) Total fixed charges.............. $68,272 $59,761 $54,857 $46,769 $41,184
B) Preferred dividends[1]........... -- 404 826 1,183 1,623
------- ------- ------- ------- -------
Total fixed charges and
preferred dividends.......... $68,272 $60,165 $55,683 $47,952 $42,807
======= ======= ======= ======= =======
2. Earnings............................ $74,846 $63,254 $92,976 $68,728 $90,936
======= ======= ======= ======= =======
3. Ratio of earnings to fixed charges
and preferred dividends............. 1.10 1.05 1.67 1.43 2.12
======= ======= ======= ======= =======
FOR THE YEAR ENDED DECEMBER 31,
--------------------------------------------------------
1996 1995 1994 1993 1992
------- ------- -------- ------- -------
ADJUSTED FOR INTEREST ALLOCATED TO
DISCONTINUED OPERATIONS
1. Combined fixed charges:
A) Total fixed charges............. $68,272 $69,397 $ 62,731 $54,643 $48,517
B) Preferred dividends............. -- 404 826 1,183 1,623
------- ------- -------- ------- -------
Total fixed charges and
preferred dividends......... $68,272 $69,801 $ 63,557 $55,826 $50,140
======= ======= ======== ======= =======
2. Earnings........................... $74,846 $72,890 $100,850 $76,602 $98,269
======= ======= ======== ======= =======
3. Ratio of earnings to fixed charges
and
preferred dividends.............. 1.10 1.04 1.59 1.37 1.96
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[1] Preferred and preference dividends have been adjusted to represent the
pretax earnings necessary to cover such dividend requirements.