EX-12 8 dex121.txt COMPUTATION OF RATIOS OF EARNINGS EXHIBIT 12 PECO Energy Company computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividend (Amounts in million of dollars)
Twelve Months Ended Years Ended December 31, 6/30/2002 (Unaudited) 2001 2000 1999 1998 1997 -------------------- ---- ---- ---- ---- ---- Pre-tax income from continuing operations before adjustment for income or loss from equity investees 574 622 757 977 853 629 Income or loss from equity investees - - 41 38 54 14 Capitalized Interest or AFUDC 1 2 2 6 7 0 Pre-tax income from continuing operation after adjustment for income or loss from equity investees and capitalized interest or AFUDC 573 620 796 1,009 900 643 Fixed charges: Interest costs and amortization of debt discount and premium on all indebtedness 385 425 467 423 369 402 Rental - - - 3 9 9 Total Fixed Charges 385 425 467 426 378 411 Dividends on preferred Stock 9 10 10 12 13 17 Adjustment to Preferred Stock Dividends* 4 5 6 7 8 15 Total Combined Fixed Charges and Preferred Stock Dividends 398 440 483 445 399 443 Pre-tax income from continuing operation after adjustment for income or loss from equity investees plus fixed charges 958 1,045 1,263 1,435 1,278 1,054 Ratio of earnings to fixed charges 2.49 2.46 2.70 3.37 3.38 2.56 Ratio of earnings to combined fixed charges and preferred stock dividends 2.41 2.38 2.61 3.22 3.20 2.38
* Additional charge equivalent to earnings required to adjust dividends on preferred stock to a pre-tax basis