EX-12 27 te_ex12-4.txt EX 12-4 TE FIXED CHARGE RATIO EXHIBIT 12.4 Page 1 THE TOLEDO EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, 1999 2000 2001 2002 2003 --------- ---------- --------- --------- -------- (Dollars in thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items.............................. $101,982 $138,144 $ 42,691 $ (5,142) $ 19,930 Interest and other charges, before reduction for amounts capitalized.......................................... 78,496 71,373 62,773 57,672 42,126 Provision for income taxes..................................... 58,884 78,780 26,362 (9,844) 5,394 Interest element of rentals charged to income (a).............. 98,445 96,358 92,108 87,174 84,894 -------- -------- --------- -------- -------- Earnings as defined.......................................... $337,807 $384,655 $ 223,934 $129,860 $152,344 ======== ======== ========= ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest expense............................................... $ 78,496 $ 71,373 $ 62,773 $ 57,672 $ 42,126 Interest element of rentals charged to income (a).............. 98,445 96,358 92,108 87,174 84,894 --------- -------- --------- -------- -------- Fixed charges as defined..................................... $176,941 $167,731 $ 154,881 $144,846 $127,020 ======== ======== ========= ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES........................................................ 1.91 2.29 1.45 0.90 1.20 ==== ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. 95
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, 1999 2000 2001 2002 2003 -------- -------- --------- -------- -------- (Dollars in thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items.......................... $101,982 $138,144 $ 42,691 $ (5,142) $ 19,930 Interest and other charges, before reduction for amounts capitalized...................................... 78,496 71,373 62,773 57,672 42,126 Provision for income taxes................................. 58,884 78,780 26,362 (9,844) 5,394 Interest element of rentals charged to income (a).......... 98,445 96,358 92,108 87,174 84,894 -------- -------- -------- -------- -------- Earnings as defined...................................... $337,807 $384,655 $223,934 $129,860 $152,344 ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): Interest expense........................................... $ 78,496 $ 71,373 $ 62,773 $ 57,672 $ 42,126 Preferred stock dividend requirements...................... 16,238 16,247 16,135 10,756 8,838 Adjustments to preferred stock dividends to state on a pre-income tax basis....................... 10,363 10,143 10,167 4,146 2,158 Interest element of rentals charged to income (a).......... 98,445 96,358 92,108 87,174 84,894 -------- -------- -------- -------- -------- Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis)........... $203,542 $194,121 $181,183 $159,748 $138,016 ======== ======== ======== ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)..................................... 1.66 1.98 1.24 0.81 1.10 ==== ==== ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 o rental expense where no readily defined interest element can be determined. 96