EX-12.4 24 ex12-4.txt RATIOS - TE EXHIBIT 12.4 Page 1 THE TOLEDO EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, --------------------------------------------------------------- 1996 1997 1998 1999 2000 -------- -------- -------- -------- -------- (Dollars in Thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items $57,289 $49,385 $106,582 $99,945 $137,233 Interest and other charges, before reduction for amounts capitalized 97,329 98,423 88,263 78,496 72,055 Provision for income taxes 31,501 39,703 72,696 56,821 76,991 Interest element of rentals charged to income (a) 109,935 102,795 100,245 98,445 96,358 -------- -------- -------- -------- -------- Earnings as defined $296,054 $290,306 $367,786 $333,707 $382,637 ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest expense $97,329 $98,423 $88,263 $78,496 $ 72,055 Interest element of rentals charged to income (a) 109,935 102,795 100,245 98,445 96,358 -------- -------- -------- -------- -------- Fixed charges as defined $207,264 $201,218 $188,508 $176,941 $168,413 ======== ======== ======== ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES 1.43 1.44 1.95 1.89 2.27 ==== ==== ==== ==== ==== ----------------------------- (a) Includes the interest component of Beaver Valley and Bruce Mansfield sale and leaseback rentals, leased nuclear fuel in the reactor, and other miscellaneous rentals.
EXHIBIT 12.4 Page 2 THE TOLEDO EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
Year Ended December 31, --------------------------------------------------------------- 1996 1997 1998 1999 2000 -------- -------- -------- -------- -------- (Dollars in Thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items $ 57,289 $ 49,385 $106,582 $ 99,945 $137,233 Interest and other charges, before reduction for amounts capitalized 97,329 98,423 88,263 78,496 72,055 Provision for income taxes 31,501 39,703 72,696 56,821 76,991 Interest element of rentals charged to income (a) 109,935 102,795 100,245 98,445 96,358 -------- -------- -------- -------- -------- Earnings as defined $296,054 $290,306 $367,786 $333,707 $382,637 ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): Interest expense $ 97,329 $ 98,423 $ 88,263 $ 78,496 $ 72,055 Preferred stock dividend requirements 16,926 19,435 13,609 16,238 16,247 Adjustments to preferred stock dividends to state on a pre-income tax basis 9,307 15,783 8,335 10,363 10,143 Interest element of rentals charged to income (a) 109,935 102,795 100,245 98,445 96,358 -------- -------- -------- -------- -------- Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis) $233,497 $236,436 $210,452 $203,542 $194,803 ======== ======== ======== ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) 1.27 1.23 1.75 1.64 1.96 ==== ==== ==== ==== ==== -------------------------- (a) Includes the interest component of Beaver Valley and Bruce Mansfield sale and leaseback rentals, leased nuclear fuel in the reactor, and other miscellaneous rentals.