EX-12.1 4 pseg-3312018xq1ex121.htm PSE&G EARNINGS TO FIXED CHARGES Exhibit


EXHIBIT 12.1

PUBLIC SERVICE ELECTRIC AND GAS COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Years Ended
 
 
 
March 31,
 
December 31,
 
 
 
2018
 
2017
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
 
(Millions, except ratios)
 
 
Earnings as Defined in Regulation S-K (A):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax Income from Continuing Operations
$
436

 
$
470

 
$
1,536

 
$
1,404

 
$
1,257

 
$
1,174

 
$
993

 
 
Fixed Charges
89

 
82

 
331

 
316

 
306

 
303

 
316

 
 
Capitalized Interest
(4
)
 
(5
)
 
(18
)
 
(17
)
 
(17
)
 
(16
)
 
(16
)
 
 
Total Earnings
$
521

 
$
547

 
$
1,849

 
$
1,703

 
$
1,546

 
$
1,461

 
$
1,293

 
 
Fixed Charges as Defined in Regulation S-K (B)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
$
85

 
$
80

 
$
321

 
$
306

 
$
297

 
$
293

 
$
309

 
 
Interest Factor in Rentals
4

 
2

 
10

 
10

 
9

 
10

 
7

 
 
Total Fixed Charges
$
89

 
$
82

 
$
331

 
$
316

 
$
306

 
$
303

 
$
316

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
5.85

 
6.67

 
5.59

 
5.39

 
5.05

 
4.82

 
4.09

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(A)
The term "earnings" shall be defined as pre-tax Income from Continuing Operations. Add to pre-tax income the amount of fixed charges adjusted to exclude the amount of any interest capitalized during the period.
(B)
Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount, premium and expense, and (c) an estimate of interest implicit in rentals.