EX-12.3 19 ex12-3.txt RATIOS - CEI EXHIBIT 12.3 Page 1 THE CLEVELAND ELECTRIC ILLUMINATING COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, --------------------------------------------------------------- 1996 1997 1998 1999 2000 -------- -------- -------- -------- -------- (Dollars in Thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items $116,553 $114,481 $164,891 $194,089 $202,950 Interest and other charges, before reduction for amounts capitalized 244,789 248,429 232,727 211,960 202,752 Provision for income taxes 69,120 92,969 110,611 123,869 126,701 Interest element of rentals charged to income (a) 79,503 69,086 68,314 66,680 65,616 -------- -------- -------- -------- -------- Earnings as defined $509,965 $524,965 $576,543 $596,598 $598,019 ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest expense $244,789 $248,429 $232,727 $211,960 $202,752 Interest element of rentals charged to income (a) 79,503 69,086 68,314 66,680 65,616 -------- -------- -------- -------- -------- Fixed charges as defined $324,292 $317,515 $301,041 $278,640 $268,368 ======== ======== ======== ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES 1.57 1.65 1.92 2.14 2.23 ==== ==== ==== ==== ==== ----------------------------- (a) Includes the interest component of Bruce Mansfield sale and leaseback rentals, leased nuclear fuel in the reactor, and other miscellaneous rentals.
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, --------------------------------------------------------------- 1996 1997 1998 1999 2000 -------- -------- -------- -------- -------- (Dollars in Thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items $116,553 $114,481 $164,891 $194,089 $202,950 Interest and other charges, before reduction for amounts capitalized 244,789 248,429 232,727 211,960 202,752 Provision for income taxes 69,120 92,969 110,611 123,869 126,701 Interest element of rentals charged to income (a) 79,503 69,086 68,314 66,680 65,616 -------- -------- -------- -------- -------- Earnings as defined $509,965 $524,965 $576,543 $596,598 $598,019 ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): Interest expense $244,789 $248,429 $232,727 $211,960 $202,752 Preferred stock dividend requirements 38,743 45,029 24,794 33,524 20,843 Adjustments to preferred stock dividends to state on a pre-income tax basis 22,976 36,568 16,632 21,395 13,012 Interest element of rentals charged to income (a) 79,503 69,086 68,314 66,680 65,616 -------- -------- -------- -------- -------- Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis) $386,011 $399,112 $342,467 $333,559 $302,223 ======== ======== ======== ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) 1.32 1.32 1.68 1.79 1.98 ==== ==== ==== ==== ==== -------------------- (a) Includes the interest component of Bruce Mansfield sale and leaseback rentals, leased nuclear fuel in the reactor, and other miscellaneous rentals.