EX-12.A 2 0002.txt RATIO OF EARNINGS TO FIXED CHANGES Exhibit 12-A Atlantic City Electric Company Ratio of Earnings to Fixed Charges ---------------------------------- (Dollars in Thousands)
12 Months Ended June 30, Year Ended December 31, -------------------------------------------------- 2000 1999 1998 1997 1996 1995 ------------------------------------------------------------- Income before extraordinary items $ 49,647 $ 63,930 $ 30,276 $ 85,747 $ 75,017 $ 98,752 ------------------------------------------------------------- Income taxes 36,000 49,326 18,178 50,442 36,958 48,277 ------------------------------------------------------------- Fixed charges: Interest on long-term debt including amortization of discount, premium and expense 69,892 60,562 63,940 64,501 64,847 62,879 Other interest 4,052 3,837 3,435 3,574 4,019 4,364 Preferred dividend require- ments of subsidiary trusts 7,618 7,634 6,052 5,775 1,428 - ------------------------------------------------------------- Total fixed charges 81,562 72,033 73,427 73,850 70,294 67,243 ------------------------------------------------------------- Earnings before extraordinary item, income taxes and fixed charges $167,209 $185,289 $121,881 $210,039 $182,269 $214,272 ============================================================= Ratio of earnings to fixed charges 2.05 2.57 1.66 2.84 2.59 3.19
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.