EX-12.5 39 ex12_5.htm EXHIBIT 12.5 - FIXED CHARGE RATIO - TE ex12_5.htm

                               
EXHIBIT 12.5
 
                               
Page 1
 
THE TOLEDO EDISON COMPANY
                                   
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                                   
     
Year Ended December 31,
       
2003
   
2004
   
2005
   
2006
   
2007
 
     
(Dollars in thousands)
 
EARNINGS AS DEFINED IN REGULATION S-K:
                             
Income before extraordinary items
$
           19,930
 
$
           86,283
 
$
           76,164
 
$
           99,404
 
$
           91,239
 
Interest and other charges, before reduction for amounts capitalized
                         
 
and deferred
 
           42,126
   
           33,439
   
           21,489
   
           23,179
   
           34,135
 
Provision for income taxes
 
             5,394
   
           52,350
   
           73,931
   
           59,869
   
           53,736
 
Interest element of rentals charged to income (a)
 
           84,894
   
           82,879
   
           80,042
   
           77,158
   
           57,393
 
                                   
 
Earnings as defined
$
         152,344
 
$
         254,951
 
$
         251,626
 
$
         259,610
 
$
         236,503
 
                                   
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                             
Interest before reduction for amounts capitalized and deferred
$
           42,126
 
$
           33,439
 
$
           21,489
 
$
           23,179
 
$
           34,135
 
Interest element of rentals charged to income (a)
 
           84,894
   
           82,879
   
           80,042
   
           77,158
   
           57,393
 
                                   
 
Fixed charges as defined
$
         127,020
 
$
         116,318
 
$
         101,531
 
$
         100,337
 
$
           91,528
 
                                   
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
1.20
   
2.19
   
2.48
   
2.59
   
2.58
 
                                   
                                   
                               
                                   
 
(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 12.5
   
                               
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,
       
2003
   
2004
   
2005
   
2006
   
2007
   
     
(Dollars in thousands)
   
EARNINGS AS DEFINED IN REGULATION S-K:
                               
Income before extraordinary items
$
           19,930
 
$
           86,283
 
$
           76,164
 
$
           99,404
 
$
           91,239
   
Interest and other charges, before reduction for amounts capitalized
                           
 
and deferred
 
           42,126
   
           33,439
   
           21,489
   
           23,179
   
           34,135
   
Provision for income taxes
 
             5,394
   
           52,350
   
           73,931
   
           59,869
   
           53,736
   
Interest element of rentals charged to income (a)
 
           84,894
   
           82,879
   
           80,042
   
           77,158
   
           57,393
   
                                     
 
Earnings as defined
$
         152,344
 
$
         254,951
 
$
         251,626
 
$
         259,610
 
$
         236,503
   
                                     
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
                           
 
PREFERRED STOCK DIVIDEND REQUIREMENTS
                               
 
(PRE-INCOME TAX BASIS):
                               
Interest before reduction for amounts capitalized and deferred
$
           42,126
 
$
           33,439
 
$
           21,489
 
$
           23,179
 
$
           34,135
   
Preferred stock dividend requirements
 
             8,838
   
             8,844
   
             7,795
   
             9,409
   
                     -
   
Adjustments to preferred stock dividends
                               
 
to state on a pre-income tax basis
 
             2,158
   
             5,366
   
             7,561
   
             5,667
   
                     -
   
Interest element of rentals charged to income (a)
 
           84,894
   
           82,879
   
           80,042
   
           77,158
   
           57,393
   
                                     
Fixed charges as defined plus preferred stock
                               
 
dividend requirements (pre-income tax basis)
$
         138,016
 
$
         130,528
 
$
         116,887
 
$
         115,413
 
$
           91,528
   
                                     
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                           
 
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
                             
 
(PRE-INCOME TAX BASIS)
 
1.10
   
1.95
   
2.15
   
2.25
   
2.58
   
                                     
                                 
                                     
 
(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.