EX-12.3 24 a2132195zex-12_3.htm EXHIBIT 12.3

Exhibit 12.3

 

Orange and Rockland Utilities, Inc. and Subsidiaries

 

Ratio of Earnings to Fixed Charges

 

(Millions of Dollars)

 

 

 

For the Twelve Months Ended December 31,

 

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

45

 

$

45

 

$

40

 

$

39

 

$

15

 

Federal Income & State Tax

 

34

 

24

 

26

 

25

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings Before Federal and State Income Tax

 

79

 

69

 

66

 

64

 

55

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges*

 

23

 

30

 

26

 

27

 

35

 

Total Earnings Before Federal and State Income Tax and Fixed Charges

 

$

102

 

$

99

 

$

92

 

$

91

 

$

90

 

 

 

 

 

 

 

 

 

 

 

 

 

* Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on Long-Term Debt

 

18

 

20

 

21

 

22

 

26

 

Amortization of Debt Discount, Premium and Expense

 

1

 

1

 

1

 

1

 

1

 

Interest Component of Rentals

 

2

 

2

 

1

 

1

 

3

 

Other Interest

 

2

 

7

 

3

 

3

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

 23

 

$

 30

 

$

 26

 

$

 27

 

$

 35

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

4.4

 

3.3

 

3.5

 

3.4

 

2.5