Exhibit 12
SOUTH JERSEY GAS COMPANY
Calculation of Ratio of Earnings from Continuing Operations To Fixed Charges
Plus Preferred Security Dividend Requirements
(In Thousands)
Fiscal Year Ended December 31,
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12 Months Ended
June 30, 2002 2001 2000 1999 1998 1997
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Net Income * $ 21,864 $ 21,527 $ 21,855 $ 20,367 $ 14,884 $ 19,929
Federal and State Income Taxes 15,799 15,693 16,703 15,445 12,299 11,581
Fixed Charges ** 19,113 20,347 21,181 20,949 19,235 18,103
Preferred Securities - Dividends 3,058 3,062 3,074 3,084 3,088 2,102
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Sub-Total 22,171 23,409 24,255 24,033 22,323 20,205
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Capitalized Interest (353) (221) (24) (390) (167) (107)
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Total Available for Coverage $ 59,481 $ 60,408 $ 62,789 $ 59,455 $ 49,339 $ 51,608
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Total Available 2.7x 2.6x 2.6x 2.5x 2.2x 2.6x
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Fixed Charges and Preferred Security
Dividends
<FN>
* Net Income before Discontinued Operations
** Fixed charges consist of interest charges (rentals are not material).
</FN>