EX-12.02 3 a12-1042_3ex12d02.htm EX-12.02

Exhibit 12.02

 

SOUTH CAROLINA ELECTRIC & GAS COMPANY

CALCULATION OF RATIOS

FOR THE YEAR ENDED DECEMBER 31, 2011

(Dollars in Millions)

 

CALCULATION OF BOND RATIO:

 

Net earnings(1)

 

 

 

$

907.8

 

Divide by annualized interest charges on:

 

 

 

 

 

Bonds outstanding under SCE&G’s bond indenture dated April 1, 1993

 

$

169.2

 

 

 

Total annualized interest charges

 

169.2

 

 

 

Bond Ratio

 

 

 

5.37

 

 

(1)         As defined in the Mortgage.

 

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES:

 

 

 

Years Ended December 31,

 

Dollars in Millions

 

2011

 

2010

 

2009

 

2008

 

2007

 

Fixed Charges as defined:

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

 

$

207.8

 

$

192.4

 

$

181.4

 

$

166.6

 

$

149.8

 

Amortization of debt premium, discount and expense (net)

 

3.9

 

4.0

 

3.8

 

3.6

 

3.6

 

Interest component on rentals

 

3.6

 

3.1

 

5.5

 

4.2

 

5.3

 

Total Fixed Charges(A)

 

$

215.3

 

$

199.5

 

$

190.7

 

$

174.4

 

$

158.7

 

Earnings as defined:

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

456.5

 

$

433.6

 

$

427.8

 

$

440.1

 

$

361.4

 

Total fixed charges

 

215.3

 

199.5

 

190.7

 

174.4

 

158.7

 

Pre-tax equity in (earnings) losses of investees

 

2.3

 

2.1

 

0.5

 

(3.0

)

19.5

 

Total Earnings (B)

 

$

674.1

 

$

635.2

 

$

619.0

 

$

611.5

 

$

539.6

 

Ratio of Earnings to Fixed Charges (B/A)

 

3.13

 

3.18

 

3.25

 

3.51

 

3.40