EX-12 4 ex12a.txt EXHIBIT 12.3 TO FORM S-3 CONSOLIDATED EDISON, INC. Combined Ratio Periods Ending (Thousands of Dollars)
DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER SEPTEMBER 1997 1998 1999 2000 2001 2002 -------------- --------- ---------- --------- ---------- --------- Earnings Net Income for Common Stock $694,479 $712,742 $700,615 $582,835 $682,242 $527,715 Preferred Dividends 18,344 17,007 13,593 13,593 13,593 9,627 State Income Tax - - - 23,636 134,562 77,462 Federal Income Tax 357,100 318,980 838,213 92,464 332,142 113,504 Federal Income Tax Deferred 31,450 95,140 (428,008) 199,146 (16,938) 139,167 Investment Tax Credits Deferred (8,830) (8,710) (37,380) (8,078) (7,135) (4,231) -------------- --------- ---------- --------- ---------- --------- Total Earnings Before Income Tax 1,092,543 1,135,159 1,087,033 903,596 1,138,466 863,244 Fixed Charges* 353,689 345,513 357,178 431,217 457,554 333,507 -------------- --------- ---------- --------- ---------- --------- Total Earnings Before Income Tax and Fixed Charges $1,446,232 $1,480,672 $1,444,211 $1,334,813 $1,596,020 $1,196,751 ============== ========= ========== ========= ========== ========= * Fixed Charges Interest on Long-Term Debt $306,109 $294,894 $305,879 $351,410 $384,422 $286,499 Amortization of Debt Discount, Premium and Expense 12,049 13,777 13,514 12,584 12,526 9,311 Interest on Component of Rentals 18,448 18,442 17,720 17,697 18,783 10,445 Other Interest 17,083 18,400 20,065 49,526 41,823 27,252 -------------- --------- ---------- --------- ---------- --------- Total Fixed Charges $353,689 $345,513 $357,178 $431,217 $457,554 $333,507 Preferred Stock Dividend Requirements 28,222 26,573 20,595 20,595 22,284 15,527 -------------- --------- ---------- --------- ---------- --------- Total Fixed Charges + Pref Stock Div Requirements $381,911 $372,086 $377,773 $451,813 $479,838 $349,034 ============== ========= ========== ========= ========== ========= Ratio of Earnings to Fixed Charges 3.79 3.98 3.82 2.95 3.33 3.43