EX-12.4 23 ex12_4.htm FIXED CHARGE RATIO - TE Unassociated Document
                       
EXHIBIT 12.4
  
                       
 Page 1
  
THE TOLEDO EDISON COMPANY          
  
                            
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES          
  
                            
                            
   
Year Ended December 31,
  
   
 2002
  
 2003
  
 2004
  
 2005
  
 2006
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                           
Income before extraordinary items
 
$
(5,142
)
$
19,930
 
$
86,283
 
$
76,164
 
$
99,404
 
Interest and other charges, before reduction for amounts capitalized
    
57,672
   
42,126
   
33,439
   
21,489
   
23,179
 
Provision for income taxes
    
(9,844
)
  
5,394
   
52,350
   
73,931
   
59,869
 
Interest element of rentals charged to income (a)
    
87,174
   
84,894
   
82,879
   
80,042
   
77,158
 
                                 
Earnings as defined
  
$
129,860
 
$
152,344
 
$
254,951
 
$
251,626
 
$
259,610
 
                                 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                                
Interest on long-term debt
  
$
57,672
 
$
42,126
 
$
33,439
 
$
21,489
 
$
23,179
 
Interest element of rentals charged to income (a)
    
87,174
   
84,894
   
82,879
   
80,042
   
77,158
 
                                 
Fixed charges as defined
  
$
144,846
 
$
127,020
 
$
116,318
 
$
101,531
 
$
100,337
 
                                 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
   
0.90
    
1.20
    
2.19
    
2.48
    
2.59
  
                                 
                                 
 
                                
                                 
(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,
  
   
 2002
  
 2003
  
 2004
  
 2005
  
 2006
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                           
Income before extraordinary items
 
$
(5,142
)
$
19,930
 
$
86,283
 
$
76,164
 
$
99,404
 
Interest and other charges, before reduction for amounts capitalized
    
57,672
   
42,126
   
33,439
   
21,489
   
23,179
 
Provision for income taxes
    
(9,844
)
  
5,394
   
52,350
   
73,931
   
59,869
 
Interest element of rentals charged to income (a)
    
87,174
   
84,894
   
82,879
   
80,042
   
77,158
 
                                 
Earnings as defined
  
$
129,860
 
$
152,344
 
$
254,951
 
$
251,626
 
$
259,610
 
                                 
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
                                
PREFERRED STOCK DIVIDEND REQUIREMENTS
                                
(PRE-INCOME TAX BASIS):
                                
Interest on long-term debt
  
$
57,672
 
$
42,126
 
$
33,439
 
$
21,489
 
$
23,179
 
Preferred stock dividend requirements
    
10,756
   
8,838
   
8,844
   
7,795
   
9,409
 
Adjustments to preferred stock dividends
                                
to state on a pre-income tax basis
    
4,146
   
2,158
   
5,366
   
7,561
   
5,667
 
Interest element of rentals charged to income (a)
    
87,174
   
84,894
   
82,879
   
80,042
   
77,158
 
                                 
Fixed charges as defined plus preferred stock
                                
dividend requirements (pre-income tax basis)
  
$
159,748
 
$
138,016
 
$
130,528
 
$
116,887
 
$
115,413
 
                                 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                                
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
                                
(PRE-INCOME TAX BASIS)
    
0.81
    
1.10
    
1.95
    
2.15
    
2.25
  
                                 
                                 
 
                                
                                 
(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.