EX-12.1 5 a2132195zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

Consolidated Edison, Inc.

 

Ratio of Earnings to Fixed Charges

 

(Millions of Dollars)

 

 

 

For the Twelve Months Ended December 31,

 

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

Net Income for Common Stock

 

$

528

 

$

646

 

$

682

 

$

583

 

$

701

 

Preferred Stock Dividend

 

11

 

13

 

14

 

14

 

13

 

Cumulative Effect of Changes in Accounting Principles

 

(3

)

22

 

—

 

—

 

—

 

(Income) or Loss from Equity Investees

 

—

 

—

 

—

 

(1

)

1

 

Minority Interest Loss

 

2

 

2

 

2

 

1

 

—

 

Income Tax

 

315

 

376

 

442

 

307

 

373

 

Pre-Tax Income from Continuing Operations

 

$

853

 

$

1,059

 

$

1,140

 

$

904

 

$

1,088

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Fixed Charges*

 

491

 

493

 

480

 

452

 

378

 

Add: Distributed Income of Equity Investees

 

—

 

—

 

—

 

1

 

1

 

Subtract: Interest Capitalized

 

5

 

14

 

—

 

—

 

—

 

Subtract: Preferred Stock Dividend Requirement

 

17

 

19

 

22

 

21

 

21

 

Earnings

 

$

1,322

 

$

1,519

 

$

1,598

 

$

1,336

 

$

1,446

 

 

 

 

 

 

 

 

 

 

 

 

 

* Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

Interest on Long-term Debt

 

$

388

 

$

373

 

$

384

 

$

351

 

$

306

 

Amortization of Debt Discount, Premium and Expense

 

13

 

12

 

13

 

12

 

13

 

Interest Capitalized

 

5

 

14

 

—

 

—

 

—

 

Other Interest

 

45

 

61

 

42

 

50

 

20

 

Interest Component of Rentals

 

22

 

14

 

19

 

18

 

18

 

Preferred Stock Dividend Requirement

 

18

 

19

 

22

 

21

 

21

 

Fixed Charges

 

$

491

 

$

493

 

$

480

 

$

452

 

$

378

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.7

 

3.1

 

3.3

 

3.0

 

3.8