EX-12 6 ratio.txt Exhibit 12(b) RATIO OF EARNINGS TO FIXED CHARGES 9 MONTHS 12 MONTHS ENDED ENDED Sep-01 Sep-01 CONSOLIDATED NET INCOME FROM CONTINUING OPERATIONS 342,513,575 428,644,087 (after preference stock) CONSOLIDATED CEG INCOME TAXES 205,656,646 257,910,172 LESS: TAX BENEFIT ON BGE PREFERENCE STOCK (6,467,371) (8,695,515) ------------------------------- TAXES ON INCOME, INCLUDING PREFERENCE STOCK 199,189,275 249,214,657 ADJUSTED NET INCOME 541,702,850 677,858,744 FIXED CHARGES: CONSOLIDATED INTEREST CHARGES (LESS CAP INTEREST) 158,486,105 220,475,411 LESS: 40% OF DCW INTEREST (538,885) (783,981) BGE CAPITAL TRUST I INTEREST CHARGES 13,425,000 17,900,000 SAFE HARBOR INTEREST CHARGES ON LONG-TERM DEBT 658,278 1,125,502 ------------------------------- SUBTOTAL 172,030,498 238,716,932 PREFERENCE DIVIDENDS SUBJECT TO ADDITIONAL CHARGE 9,906,750 13,209,000 TAX EFFECT ON DIVIDENDS 6,467,371 8,695,515 ------------------------------- PRE-TAX DIVIDENDS 16,374,121 21,904,515 INTEREST FACTOR IN RENTALS or) 1,522,594 2,030,126 CAPITALIZED INTEREST 22,009,431 32,810,060 ------------------------------- TOTAL FIXED CHARGES 211,936,644 295,461,633 AMORTIZATION OF CAPITALIZED INTERES 84,691 144,058 EARNINGS 731,714,754 940,654,375 RATIO OF EARNINGS TO FIXED CHARGES 3.45 3.18 ===============================