EX-12.4 26 ex12-4.htm EXHIBIT 12-4 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,
  
 
  
2001
  
2002
  
2003
  
2004
  
2005
  
 
  
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
  
 
  
 
  
 
  
 
  
 
  
Income before extraordinary items
  
$
42,691
  
$
(5,142
)
$
19,930
  
$
86,283
  
$
76,220
  
Interest and other charges, before reduction for
amounts capitalized
    
62,773
    
57,672
    
42,126
    
33,439
    
21,489
  
Provision for income taxes
    
26,362
    
(9,844
)
  
5,394
    
52,350
    
73,931
  
Interest element of rentals charged to income (a)
    
92,108
    
87,174
    
84,894
    
82,879
    
80,042
  
Earnings as defined
  
$
223,934
  
$
129,860
  
$
152,344
  
$
254,951
  
$
251,682
  
 
                        
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                        
Interest expense
  
$
62,773
  
$
57,672
  
$
42,126
  
$
33,439
  
$
21,489
  
Interest element of rentals charged to income (a)
    
92,108
    
87,174
    
84,894
    
82,879
    
80,042
  
Fixed charges as defined
  
$
154,881
  
$
144,846
  
$
127,020
  
$
116,318
  
$
101,531
  
 
                        
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES
    
1.45
    
0.90
    
1.20
    
2.19
    
2.48
  




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


98

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,
  
 
  
2001
  
2002
  
2003
  
2004
  
2005
  
 
  
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
  
 
  
 
  
 
  
 
  
 
  
Income before extraordinary items
  
$
42,691
  
$
(5,142
)
$
19,930
  
$
86,283
  
$
76,220
  
Interest and other charges, before reduction for amounts capitalized
    
62,773
    
57,672
    
42,126
    
33,439
    
21,489
  
Provision for income taxes
    
26,362
    
(9,844
)
  
5,394
    
52,350
    
73,931
  
Interest element of rentals charged to income (a)
    
92,108
    
87,174
    
84,894
    
82,879
    
80,042
  
Earnings as defined
  
$
223,934
  
$
129,860
  
$
152,344
  
$
254,951
  
$
251,682
  
 
    
   
   
   
       
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
Interest expense
  
$
62,773
  
$
57,672
  
$
42,126
  
$
33,439
  
$
21,489
  
Preferred stock dividend requirements
    
16,135
    
10,756
    
8,838
    
8,844
    
7,795
  
Adjustments to preferred stock dividends
    
   
   
   
       
to state on a pre-income tax basis
    
10,167
    
4,146
    
2,158
    
5,366
    
7,561
  
Interest element of rentals charged to income (a)
    
92,108
    
87,174
    
84,894
    
82,879
    
80,042
  
Fixed charges as defined plus preferred stock
dividend requirements (pre-income tax basis)
  
$
181,183
  
$
159,748
  
$
138,016
  
$
130,528
  
$
116,887
  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS)
    
1.24
    
0.81
    
1.10
    
1.95
    
2.15
  





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

 
 
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