EX-12 3 ex12.htm EXHIBIT 12 Exhibit 12
Exhibit 12
Ratio of Earnings to Fixed Charges
 
(In thousands)  
 
Earnings, as defined:
  
Six Months Ended
June 30, 2005
  
Year Ended
December 31, 2004
  
Year Ended
December 31, 2003
  
Year Ended
December 31, 2002
  
Year Ended
December 31, 2001
  
Year Ended
December 31, 2000
  
                           
Net (loss)/income before extraordinary item and cumulative effect of accounting change
  
$
(145,423
)
$
116,588
  
$
121,152
  
$
152,109
  
$
265,942
  
$
205,295
  
Income tax (benefit)/expense
    
(91,669
)
  
51,756
   
50,732
   
74,850
    
173,952
    
161,725
  
Equity in earnings of regional nuclear generating and transmission companies
    
(1,855
)
  
(2,592
)
  
(4,487
)
  
(11,215
)
  
(3,970
)
  
(14,586
)
Dividends received from regional equity investees
    
487
   
3,879
   
8,904
   
11,056
   
7,060
   
27,334
 
Fixed charges, as below
    
151,702
   
277,965
   
270,601
   
293,841
   
304,663
   
347,202
 
Interest capitalized (not including AFUDC)
    
(179
)
  
(600
)
  
(1,058
)
  
(2,085
)
  
(684
)
  
(15
)
Preferred dividend security requirements of consolidated subsidiaries
    
(4,632
)
  
(9,265
)
  
(9,265
)
  
(9,265
)
  
(12,082
)
  
(23,603
)
Total earnings, as defined
 
$
(91,569
)
$
437,731
  
$
436,579
  
$
509,291
  
$
734,881
  
$
703,352
  
                                       
Fixed charges, as defined:
                                      
                                       
Interest on long-term debt
  
$
84,042
  
$
139,853
  
$
126,259
  
$
134,471
  
$
140,497
  
$
194,406
  
Interest on rate reduction bonds
    
45,273
   
98,899
   
108,359
   
115,791
    
87,616
    
-
 
Other interest
    
9,668
   
14,762
   
11,740
   
20,249
    
51,545
    
104,896
  
Rental interest factor
    
3,717
   
7,433
   
7,667
   
5,433
    
7,033
    
14,967
  
Amortized premiums, discounts and capitalized expenses related to indebtedness
    
4,191
   
7,153
   
6,253
   
6,547
    
5,206
    
9,315
  
Preferred dividend security requirements of consolidated subsidiaries
    
4,632
   
9,265
   
9,265
   
9,265
    
12,082
    
23,603
  
Interest capitalized (not including AFUDC)
    
179
   
600
   
1,058
   
2,085
    
684
    
15
  
Total fixed charges, as defined
 
$
151,702
  
$
277,965
  
$
270,601
  
$
293,841
  
$
304,663
  
$
347,202
  
                                       
                                       
Ratio of Earnings to Fixed Charges
    
(0.60
)
  
1.57
   
1.61
   
1.73
   
2.41
   
2.03