EX-12.2 5 savexhibit12.htm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3/13/2006

 

SAVANNAH POWER COMPANY

Computation of ratio of earnings to fixed charges for

the five years ended December 31, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

 

 

 

2001

 

 

2002

 

 

2003

 

 

2004

 

 

2005

 

 

-------------------------------------------Thousands of Dollars----------------------------------

EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

$

32,846

 

$

32,767

 

$

38,977

 

$

40,110

 

$

49,622

 

Interest expense, net of amounts capitalized

 

 

 

12,517

 

 

11,608

 

 

9,590

 

 

12,047

 

 

14,778

 

Distributions on mandatorily redeemable preferred securities

 

 

2,740

 

 

2,740

 

 

2,740

 

 

109

 

 

0

 

AFUDC - Debt funds

 

 

 

271

 

 

165

 

 

220

 

 

1,471

 

 

1,079

 

Rentals

 

 

 

423

 

 

459

 

 

457

 

 

469

 

 

551

 

Earnings as defined

 

 

$

48,797

 

$

47,739

 

$

51,984

 

$

54,206

 

$

66,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

 

 

$

9,400

 

$

9,685

 

$

8,537

 

$

11,399

 

$

12,998

 

Interest on affiliated loans

 

 

 

747

 

 

401

 

 

106

 

 

197

 

 

1,414

 

Interest on interim obligations

 

 

 

1,128

 

 

4

 

 

0

 

 

24

 

 

0

 

Amortization of debt discount, premium and expense, net

 

 

 

950

 

 

904

 

 

981

 

 

1,279

 

 

1,130

 

Other interest charges

 

 

 

563

 

 

779

 

 

186

 

 

619

 

 

315

 

Distributions on mandatorily redeemable preferred securities

 

 

2,740

 

 

2,740

 

 

2,740

 

 

109

 

 

0

 

Rentals

 

 

 

423

 

 

459

 

 

457

 

 

469

 

 

551

 

Fixed charges as defined

 

 

$

15,951

 

$

14,972

 

$

13,007

 

$

14,096

 

$

16,408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

3.06

 

 

3.19

 

 

4.00

 

 

3.85

 

 

4.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SAVANNAH POWER COMPANY

Computation of ratio of earnings to fixed charges plus preferred

dividend requirements for the five years ended December 31, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

 

 

 

2001

 

 

2002

 

 

2003

 

 

2004

 

 

2005

 

 

---------------------------------------------Thousands of Dollars----------------------------------------

EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

$

32,846

 

$

32,767

 

$

38,977

 

$

40,110

 

$

49,622

 

Interest expense, net of amounts capitalized

 

 

 

12,517

 

 

11,608

 

 

9,590

 

 

12,047

 

 

14,778

 

Distributions on mandatorily redeemable preferred securities

 

 

2,740

 

 

2,740

 

 

2,740

 

 

109

 

 

0

 

AFUDC - Debt funds

 

 

 

271

 

 

165

 

 

220

 

 

1,471

 

 

1,079

 

Rentals

 

 

 

423

 

 

459

 

 

457

 

 

469

 

 

551

 

Earnings as defined

 

 

$

48,797

 

$

47,739

 

$

51,984

 

$

54,206

 

$

66,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

 

 

$

9,400

 

$

9,685

 

$

8,537

 

$

11,399

 

$

12,998

 

Interest on affiliated loans

 

 

 

747

 

 

401

 

 

106

 

 

197

 

 

1,414

 

Interest on interim obligations

 

 

 

1,128

 

 

4

 

 

0

 

 

24

 

 

0

 

Amort of debt disc, premium and expense, net

 

 

 

950

 

 

904

 

 

981

 

 

1,279

 

 

1,130

 

Other interest charges

 

 

 

563

 

 

779

 

 

186

 

 

619

 

 

315

 

Distributions on mandatorily redeemable preferred securities

 

 

2,740

 

 

2,740

 

 

2,740

 

 

109

 

 

0

 

Rentals

 

 

 

423

 

 

459

 

 

457

 

 

469

 

 

551

 

Fixed charges as defined

 

 

 

15,951

 

 

14,972

 

 

13,007

 

 

14,096

 

 

16,408

 

Preferred dividends

 

 

 

0

 

 

0

 

 

0

 

 

1,500

 

 

2,700

 

Ratio of net income before taxes to net income

 

 

x

1.530

 

x

1.537

 

x

1.661

 

x

1.559

 

x

1.521

 

Pref dividend requirements before income taxes

 

 

 

0

 

 

0

 

 

0

 

 

2,339

 

 

4,107

 

Fixed charges plus pref dividend requirements

 

 

$

15,951

 

$

14,972

 

$

13,007

 

$

16,435

 

$

20,515

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES PLUS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PREFERRED DIVIDEND REQUIREMENTS

 

 

 

3.06

 

 

3.19

 

 

4.00

 

 

3.30

 

 

3.22