EX-12.4 36 ex12-4.htm TE - FIXED CHARGE RATIO Unassociated Document

EXHIBIT 12.4
Page 1


THE TOLEDO EDISON COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

   
Year Ended December 31,
  
   
2000
  
2001
  
2002
  
2002
  
2004
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                                
Income before extraordinary items
  
$
138,144
  
$
42,691
  
$
(5,142
)
$
19,930
  
$
86,283
  
Interest and other charges, before reduction for
amounts capitalized
    
71,373
    
62,773
    
57,672
    
42,126
    
33,439
  
Provision for income taxes
    
78,780
    
26,362
    
(9,844
)
  
5,394
    
52,350
  
Interest element of rentals charged to income (a)
    
96,358
    
92,108
    
87,174
    
84,894
    
82,879
  
Earnings as defined
  
$
384,655
  
$
223,934
  
$
129,860
  
$
152,344
  
$
254,951
  
                                 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                                
Interest expense
  
$
71,373
  
$
62,773
  
$
57,672
  
$
42,126
  
$
33,439
  
Interest element of rentals charged to income (a)
    
96,358
    
92,108
    
87,174
    
84,894
    
82,879
  
Fixed charges as defined
  
$
167,731
  
$
154,881
  
$
144,846
  
$
127,020
  
$
116,318
  
                                 
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES
    
2.29
    
1.45
    
0.90
    
1.20
    
2.19
  




(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.




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,
  
   
2000
  
2001
  
2002
  
2003
  
2004
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                      
Income before extraordinary items
  
$
138,144
  
$
42,691
  
$
(5,142
)
$
19,930
  
$
86,283
  
Interest and other charges, before reduction for amounts capitalized
    
71,373
    
62,773
    
57,672
    
42,126
    
33,439
  
Provision for income taxes
    
78,780
    
26,362
    
(9,844
)
  
5,394
    
52,350
  
Interest element of rentals charged to income (a)
    
96,358
    
92,108
    
87,174
    
84,894
    
82,879
  
Earnings as defined
  
$
384,655
  
$
223,934
  
$
129,860
  
$
152,344
  
$
254,951
  
                                 
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
Interest expense
  
$
71,373
  
$
62,773
  
$
57,672
  
$
42,126
  
$
33,439
  
Preferred stock dividend requirements
    
16,247
    
16,135
    
10,756
    
8,838
    
8,844
  
Adjustments to preferred stock dividends
to state on a pre-income tax basis
    
10,143
    
10,167
    
4,146
    
2,158
    
5,366
  
Interest element of rentals charged to income (a)
    
96,358
    
92,108
    
87,174
    
84,894
    
82,879
  
Fixed charges as defined plus preferred stock
dividend requirements (pre-income tax basis)
  
$
194,121
  
$
181,183
  
$
159,748
  
$
138,016
  
$
130,528
  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS)
    
1.98
    
1.24
    
0.81
    
1.10
    
1.95
  

_________________

(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.