EX-12.3 6 0006.txt EX-12.3 TO FORM 10-K ORANGE AND ROCKLAND UTILITIES, INC. AND SUBSIDIARIES Ratio of Earnings to Fixed Charges Twelve Months Ended (Thousands of Dollars)
YEAR YEAR YEAR YEAR YEAR 1996 1997 1998 1999 2000 ------- ------- ------- ------- ------- Earnings Net Income $46,303 $45,138 $44,968 $14,726 $39,069 Federal Income Tax 24,294 22,316 22,836 38,064 18,616 State Income Tax 392 368 2,041 2,037 6,039 -------- -------- --------- -------- --------- Total Earnings Before Federal Income Tax 70,989 67,822 69,845 54,827 63,724 Fixed Charges* 34,859 35,779 36,973 35,454 28,415 -------- --------- --------- -------- --------- Total Earnings Before Federal Income Tax and Fixed Charges $105,848 $103,601 $106,818 $90,281 $92,139 ========= ========= ========= ========= ========= * Fixed Charges Interest on Long-Term Debt $24,221 $23,216 $23,867 $26,326 $21,873 Amortization of Debt Discount, Premium and Expense 1,462 1,521 1,138 1,208 1,060 Interest Component on lease Payment 3,199 2,809 2,505 2,583 2,515 Other Interest 5,977 8,233 9,463 5,337 2,967 -------- --------- ---------- --------- ---------- Total Fixed Charges $34,859 $35,779 $36,973 $35,454 $28,415 ======== ========= ========== ========= ========== Ratio of Earnings to Fixed Charges 3.04 2.90 2.89 2.55 3.24