EX-12 37 ex12-4te.txt FIXED CHARGE RATIO - TE
EXHIBIT 12.4 Page 1 THE TOLEDO EDISON 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.................. $ 41,769 | $ 7,616 $106,582 $ 99,945 $137,233 $ 62,911 Interest and other charges, before reduction | for amounts capitalized.......................... 84,637 | 13,786 88,263 78,496 72,055 62,283 Provision for income taxes......................... 33,921 | 5,782 72,696 56,821 76,991 39,642 Interest element of rentals charged to income (a).. 87,850 | 14,945 100,245 98,445 96,358 92,108 -------- | ------- -------- -------- -------- -------- Earnings as defined.............................. $248,177 | $42,129 $367,786 $333,707 $382,637 $256,944 ======== | ======= ======== ======== ======== ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest expense................................... $ 84,637 | $13,786 $ 88,263 $ 78,496 $ 72,055 $ 62,283 Interest element of rentals charged to income (a).. 87,850 | 14,945 100,245 98,445 96,358 92,108 -------- | ------- -------- -------- -------- -------- Fixed charges as defined......................... $172,487 | $28,731 $188,508 $176,941 $168,413 $154,391 ======== | ======= ======== ======== ======== ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED | CHARGES............................................ 1.44 | 1.47 1.95 1.89 2.27 1.66 ==== | ==== ==== ==== ==== ==== ------------------------- (a) Includes the interest component of Beaver Valley and Bruce Mansfield sale and leaseback rentals, leased nuclear fuel in the reactor, and other miscellaneous rentals.
EXHIBIT 12.4 Page 2 THE TOLEDO EDISON 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.................. $ 41,769 | $ 7,616 $106,582 $ 99,945 $137,233 $ 62,911 Interest and other charges, before reduction for | amounts capitalized................................ 84,637 | 13,786 88,263 78,496 72,055 62,283 Provision for income taxes......................... 33,921 | 5,782 72,696 56,821 76,991 39,642 Interest element of rentals charged to income (a).. 87,850 | 14,945 100,245 98,445 96,358 92,108 -------- | ------- -------- -------- -------- -------- Earnings as defined.............................. $248,177 | $42,129 $367,786 $333,707 $382,637 $256,944 ======== | ======= ======== ======== ======== ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS): | Interest expense................................... $ 84,637 | $13,786 $ 88,263 $ 78,496 $ 72,055 $ 62,283 Preferred stock dividend requirements.............. 19,435 | -- 13,609 16,238 16,247 16,135 Adjustments to preferred stock dividends | to state on a pre-income tax basis............... 15,783 | -- 8,335 10,363 10,143 10,167 Interest element of rentals charged to income (a).. 87,850 | 14,945 100,245 98,445 96,358 92,108 -------- | ------- -------- -------- -------- -------- Fixed charges as defined plus preferred stock | dividend requirements (pre-income tax basis)... $207,705 | $28,731 $210,452 $203,542 $194,803 $180,693 ======== | ======= ======== ======== ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS | PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS)............................. 1.19 | 1.47 1.75 1.64 1.96 1.42 ==== | ==== ==== ==== ==== ==== ------------------------- (a) Includes the interest component of Beaver Valley and Bruce Mansfield sale and leaseback rentals, leased nuclear fuel in the reactor, and other miscellaneous rentals.