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EXHIBIT 12.01
SOUTHWEST GAS CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Thousands of dollars)
FOR THE YEAR ENDED DECEMBER 31,
-------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- ------- ------- -------
CONTINUING OPERATIONS
1. Fixed charges:
(A) Interest expense $ 63,110 $ 63,416 $63,247 $54,674 $52,844
(B) Amortization 1,366 1,243 1,164 1,494 1,569
(C) Interest portion of rentals 8,217 7,531 6,973 6,629 4,435
(D) Preferred securities distributions 5,475 5,475 5,475 5,475 913
-------- -------- ------- ------- -------
Total fixed charges $ 78,168 $ 77,665 $76,859 $68,272 $59,761
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2. Earnings (as defined):
(E) Pretax income from
continuing operations $ 60,955 $ 83,951 $21,328 $10,448 $ 3,493
Fixed Charges (1. above) 78,168 77,665 76,859 68,272 59,761
-------- -------- ------- ------- -------
Total earnings as defined $139,123 $161,616 $98,187 $78,720 $63,254
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3. Ratio of earnings to fixed charges 1.78 2.08 1.28 1.15 1.06
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FOR THE YEAR ENDED DECEMBER 31,
-------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- ------- ------- -------
ADJUSTED FOR INTEREST ALLOCATED TO
DISCONTINUED OPERATIONS
1. Fixed charges:
(A) Interest expense $ 63,110 $ 63,416 $63,247 $54,674 $52,844
(B) Amortization 1,366 1,243 1,164 1,494 1,569
(C) Interest portion of rentals 8,217 7,531 6,973 6,629 4,435
(D) Preferred securities distributions 5,475 5,475 5,475 5,475 913
(E) Allocated interest (1) -- -- -- -- 9,636
-------- -------- ------- ------- -------
Total fixed charges $ 78,168 $ 77,665 $76,859 $68,272 $69,397
======== ======== ======= ======= =======
2. Earnings (as defined):
(F) Pretax income from
continuing operations $ 60,955 $ 83,951 $21,328 $10,448 $ 3,493
Fixed Charges (1. above) 78,168 77,665 76,859 68,272 69,397
-------- -------- ------- ------- -------
Total earnings as defined $139,123 $161,616 $98,187 $78,720 $72,890
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3. Ratio of earnings to fixed charges 1.78 2.08 1.28 1.15 1.05
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(1) Represents allocated interest through the period ended December 31, 1995.
Carrying costs for the period subsequent to year end through the disposition
of the discontinued operations were accrued and recorded as disposal costs.
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SOUTHWEST GAS CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(THOUSANDS OF DOLLARS)
FOR THE YEAR ENDED DECEMBER 31,
---------------------------------------------------------------------
CONTINUING OPERATIONS 1999 1998 1997 1996 1995
-------- -------- ------- ------- -------
1. Combined fixed charges:
A) Total fixed charges $ 78,168 $ 77,665 $76,859 $68,272 $59,761
B) Preferred dividends [1] -- -- -- -- 404
-------- -------- ------- ------- -------
Total fixed charges and
preferred dividends $ 78,168 $ 77,665 $76,859 $68,272 $60,165
======== ======== ======= ======= =======
2. Earnings $139,123 $161,616 $98,187 $78,720 $63,254
======== ======== ======= ======= =======
3. Ratio of earnings to fixed charges
and preferred dividends 1.78 2.08 1.28 1.15 1.05
======== ======== ======= ======= =======
ADJUSTED FOR INTEREST ALLOCATED TO FOR THE YEAR ENDED DECEMBER 31,
DISCONTINUED OPERATIONS ---------------------------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- ------ ------- --------
1. Combined fixed charges:
A) Total fixed charges $ 78,168 $ 77,665 $76,859 $68,272 $69,397
B) Preferred dividends [1] -- -- -- -- 404
-------- -------- ------- ------- -------
Total fixed charges and
preferred dividends $ 78,168 $ 77,665 $76,859 $68,272 $69,801
======== ======== ======= ======= =======
2. Earnings $139,123 $161,616 $98,187 $78,720 $72,890
======== ======== ======= ======= =======
3. Ratio of earnings to fixed charges
and preferred dividends 1.78 2.08 1.28 1.15 1.04
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[1] Preferred dividends have been adjusted to represent the pretax earnings
necessary to cover such dividend requirements.