EX-12 30 ex12-3ce.txt FIXED CHARGE RATIO - CEI
EXHIBIT 12.3 Page 1 THE CLEVELAND ELECTRIC ILLUMINATING COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31, ------------------------------------------------ Jan 1- Nov. 8- Nov. 7, Dec. 31, 1997 1997 1998 1999 2000 2001 ---- ---- ---- ---- ---- ---- (Dollars in Thousands) | EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items.................. $ 95,191 | $19,290 $164,891 $194,089 $202,950 $219,044 Interest and other charges, before reduction for | amounts capitalized.............................. 212,957 | 35,472 232,727 211,960 202,752 192,198 Provision for income taxes......................... 78,940 | 14,029 110,611 123,869 126,701 158,648 Interest element of rentals charged to income (a).. 59,078 | 10,008 68,314 66,680 65,616 59,497 -------- | -------- -------- -------- -------- -------- Earnings as defined.............................. $446,166 | $78,799 $576,543 $596,598 $598,019 $629,387 ======== | ======= ======== ======== ======== ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest expense................................... $212,957 | $35,472 $232,727 $211,960 $202,752 $192,198 Interest element of rentals charged to income (a).. 59,078 | 10,008 68,314 66,680 65,616 59,497 -------- | ------- -------- -------- -------- -------- Fixed charges as defined......................... $272,035 | $45,480 $301,041 $278,640 $268,368 $251,695 ======== | ======= ======== ======== ======== ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES....... 1.64 | 1.73 1.92 2.14 2.23 2.50 ==== | ==== ==== ==== ==== ==== ------------------------- (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, ------------------------------------------------ Jan 1- Nov. 8- Nov. 7, Dec. 31, 1997 1997 1998 1999 2000 2001 ---- ---- ---- ---- ---- ---- (Dollars in Thousands) | EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items.................. $ 95,191 | $19,290 $164,891 $194,089 $202,950 $219,044 Interest and other charges, before reduction | for amounts capitalized.......................... 212,957 | 35,472 232,727 211,960 202,752 192,198 Provision for income taxes......................... 78,940 | 14,029 110,611 123,869 126,701 158,648 Interest element of rentals charged to income (a).. 59,078 | 10,008 68,314 66,680 65,616 59,497 -------- | ------- -------- -------- -------- -------- Earnings as defined.............................. $446,166 | $78,799 $576,543 $596,598 $598,019 $629,387 ======== | ======= ======== ======== ======== ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS): | Interest expense................................... $212,957 | $35,472 $232,727 $211,960 $202,752 $192,198 Preferred stock dividend requirements.............. 45,029 | -- 24,794 33,524 20,843 25,838 Adjustments to preferred stock dividends | to state on a pre-income tax basis............... 36,568 | -- 16,632 21,395 13,012 18,714 Interest element of rentals charged to income (a).. 59,078 | 10,008 68,314 66,680 65,616 59,497 -------- | ------- -------- -------- --------- -------- Fixed charges as defined plus preferred stock | dividend requirements (pre-income tax basis)... $353,632 | $45,480 $342,467 $333,559 $302,223 $296,247 ======== | ======= ======== ======== ========= ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS)............................. 1.26 | 1.73 1.68 1.79 1.98 2.12 ==== | ==== ==== ==== ==== ==== ------------------------- (a) Includes the interest component of Bruce Mansfield sale and leaseback rentals, leased nuclear fuel in the reactor, and other miscellaneous rentals.