EX-12 24 te_ex12-4.txt EX. 12-4 FIXED CHARGE RATIO - TE EXHIBIT 12.4 Page 1 THE TOLEDO EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, ----------------------------------------------------------- 1998 1999 2000 2001 2002 ---------- ---------- ---------- --------- --------- (Dollars in Thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items......................... $106,582 $ 99,945 $137,233 $ 62,911 $ 13,337 Interest and other charges, before reduction for amounts capitalized..................................... 88,263 78,496 72,055 62,283 57,672 Provision for income taxes................................ 72,696 56,821 76,991 39,642 4,907 Interest element of rentals charged to income (a)......... 100,245 98,445 96,358 92,108 87,174 -------- -------- -------- -------- -------- Earnings as defined..................................... $367,786 $333,707 $382,637 $256,944 $163,090 ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest expense.......................................... $ 88,263 $ 78,496 $ 72,055 $ 62,283 $ 57,672 Interest element of rentals charged to income (a)......... 100,245 98,445 96,358 92,108 87,174 -------- -------- -------- -------- -------- Fixed charges as defined................................ $188,508 $176,941 $168,413 $154,391 $144,846 ======== ======== ======== ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES................................................... 1.95 1.89 2.27 1.66 1.13 ==== ==== ==== ==== ==== ------------------------- (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 12.4 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, ------------------------------------------------------------- 1998 1999 2000 2001 2002 ---------- ---------- ---------- --------- --------- (Dollars in Thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items............................ $106,582 $ 99,945 $137,233 $ 62,911 $ 13,337 Interest and other charges, before reduction for amounts capitalized.................................... 88,263 78,496 72,055 62,283 57,672 Provision for income taxes................................... 72,696 56,821 76,991 39,642 4,907 Interest element of rentals charged to income (a)............ 100,245 98,445 96,358 92,108 87,174 --------- ---------- -------- -------- -------- Earnings as defined........................................ $367,786 $333,707 $382,637 $256,944 $163,090 ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): Interest expense............................................. $ 88,263 $ 78,496 $ 72,055 $ 62,283 $ 57,672 Preferred stock dividend requirements........................ 13,609 16,238 16,247 16,135 11,356 Adjustments to preferred stock dividends to state on a pre-income tax basis......................... 8,335 10,363 10,143 10,167 4,178 Interest element of rentals charged to income (a)............ 100,245 98,445 96,358 92,108 87,174 --------- ---------- -------- -------- -------- Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis)............. $210,452 $203,542 $194,803 $180,693 $160,380 ======== ======== ======== ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)....................................... 1.75 1.64 1.96 1.42 1.02 ==== ==== ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.