EX-12.1 3 pseg-3312015xq1ex121.htm PSE&G EARNINGS TO FIXED CHARGES
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, |
|  | 2015 |  | 2014 |  | 2014 |  | 2013 |  | 2012 |  | 2011 |  | 2010 |
|  | (Millions, except ratios) |
| Earnings as Defined in Regulation S-K (A): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Pre-tax Income from Continuing Operations | $ | 399 |  |  | 357 |  |  | $ | 1,174 |  |  | $ | 993 |  |  | $ | 835 |  |  | $ | 861 |  |  | $ | 591 |  |
| Fixed Charges | 75 |  |  | 74 |  |  | 303 |  |  | 316 |  |  | 314 |  |  | 319 |  |  | 325 |  |
| Capitalized Interest | (4 | ) |  | (4 | ) |  | (16 | ) |  | (16 | ) |  | (13 | ) |  | (4 | ) |  | (2 | ) |
| Total Earnings | $ | 470 |  |  | $ | 427 |  |  | $ | 1,461 |  |  | $ | 1,293 |  |  | $ | 1,136 |  |  | $ | 1,176 |  |  | $ | 914 |  |
| Fixed Charges as Defined in Regulation S-K (B) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest Expense | $ | 73 |  |  | 72 |  |  | $ | 293 |  |  | $ | 309 |  |  | $ | 308 |  |  | $ | 314 |  |  | $ | 320 |  |
| Interest Factor in Rentals | 2 |  |  | 2 |  |  | 10 |  |  | 7 |  |  | 6 |  |  | 5 |  |  | 5 |  |
| Total Fixed Charges | $ | 75 |  |  | $ | 74 |  |  | $ | 303 |  |  | $ | 316 |  |  | $ | 314 |  |  | $ | 319 |  |  | $ | 325 |  |
| Ratio of Earnings to Fixed Charges | 6.27 |  |  | 5.77 |  |  | 4.82 |  |  | 4.09 |  |  | 3.62 |  |  | 3.69 |  |  | 2.81 |  |

(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.