EX-12.3 33 ex12-3.htm CEI - FIXED CHARGE RATIO Unassociated Document

EXHIBIT 12.3
Page 1
 
 
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES


   
Year Ended December 31,
  
   
2000
  
2001
  
2002
  
2003
  
2004
  
   
(Dollars in thousands)
  
                       
                       
EARNINGS AS DEFINED IN REGULATION S-K:
                      
Income before extraordinary items
  
$
210,424
  
$
177,905
  
$
136,952
  
$
197,033
  
$
236,531
  
Interest and other charges, before reduction for
amounts capitalized
    
201,739
    
192,102
    
189,502
    
164,132
    
138,678
  
Provision for income taxes
    
138,426
    
137,887
    
84,938
    
131,285
    
138,856
  
Interest element of rentals charged to income (a)
    
65,616
    
59,497
    
51,170
    
49,761
    
49,375
  
Earnings as defined
  
$
616,205
  
$
567,391
  
$
462,562
  
$
542,211
  
$
563,440
  
                                 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                                
Interest expense
  
$
201,739
  
$
191,727
  
$
180,602
  
$
159,632
  
$
138,678
  
Subsidiary's preferred stock dividend requirements
    
--
    
375
    
8,900
    
4,500
    
--
  
Interest element of rentals charged to income (a)
    
65,616
    
59,497
    
51,170
    
49,761
    
49,375
  
Fixed charges as defined
  
$
267,355
  
$
251,599
  
$
240,672
  
$
213,893
  
$
188,053
  
                                 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    
2.30
    
2.26
    
1.92
    
2.53
    
3.00
  

______________________

(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 12.3
Page 2
 
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)


   
Year Ended December 31,
  
   
2000
  
2001
  
2002
  
2003
  
2004
  
   
(Dollars in thousands)
  
                       
EARNINGS AS DEFINED IN REGULATION S-K:
                      
Income before extraordinary items
  
$
210,424
  
$
177,905
  
$
136,952
  
$
197,033
  
$
236,531
  
Interest and other charges, before reduction for amounts
capitalized
    
201,739
    
192,102
    
189,502
    
164,132
    
138,678
  
Provision for income taxes
    
138,426
    
137,887
    
84,938
    
131,285
    
138,856
  
Interest element of rentals charged to income (a)
    
65,616
    
59,497
    
51,170
    
49,761
    
49,375
  
Earnings as defined
  
$
616,205
  
$
567,391
  
$
462,562
  
$
542,211
  
$
563,440
  
                                 
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
                                
Interest expense
  
$
201,739
  
$
191,727
  
$
180,602
  
$
159,632
  
$
138,678
  
Preferred stock dividend requirements
    
20,843
    
25,213
    
24,590
    
12,026
    
7,008
  
Adjustments to preferred stock dividends
to state on a pre-income tax basis
    
13,012
    
20,178
    
8,204
    
5,137
    
4,113
  
Interest element of rentals charged to income (a)
    
65,616
    
59,497
    
51,170
    
49,761
    
49,375
  
Fixed charges as defined plus preferred stock
dividend requirements (pre-income tax basis)
  
$
301,210
  
$
296,615
  
$
264,566
  
$
226,556
  
$
199,174
  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS)
    
2.05
    
1.91
    
1.75
    
2.39
    
2.83
  
                                 

_________________

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