EX-12.A 3 dex12a.htm RATIO OF EARNINGS TO FIXED CHARGES Prepared by R.R. Donnelley Financial -- Ratio of Earnings to Fixed Charges
Exhibit 12-A
 
Atlantic City Electric Company
 
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
 
    
Year Ended December 31,
    
2001
   
2000
   
1999
   
1998
   
1997
Income before extraordinary item
   
$
75,476
   
$
54,434
   
$
63,930
   
$
30,276
   
$
85,747
    
  
  
  
  
Income taxes
   
 
46,698
   
 
36,746
   
 
49,326
   
 
18,178
   
 
50,442
    
  
  
  
  
Fixed charges:
                                   
Interest on long-term debt including amortization of discount, premium and expense
   
 
62,166
   
 
76,178
   
 
60,562
   
 
63,940
   
 
64,501
Other interest
   
 
3,314
   
 
4,518
   
 
3,837
   
 
3,435
   
 
3,574
Preferred dividend requirements of subsidiary trusts
   
 
7,619
   
 
7,619
   
 
7,634
   
 
6,052
   
 
5,775
    
  
  
  
  
Total fixed charges
   
 
73,099
   
 
88,315
   
 
72,033
   
 
73,427
   
 
73,850
    
  
  
  
  
Earnings before extraordinary item, income taxes and fixed charges
   
$
195,273
   
$
179,495
   
$
185,289
   
$
121,881
   
$
210,039
    
  
  
  
  
Ratio of earnings to fixed charges
   
 
2.67
   
 
2.03
   
 
2.57
   
 
1.66
   
 
2.84
 
For purposes of computing the ratio, earnings are income before extraordinary item plus income taxes and fixed charges. Fixed charges consist of interest on long- and short-term debt, amortization of debt discount, premium, and expense, dividends on preferred securities of subsidiary trusts, and the estimated interest component of rentals.