EX-12.A 2 dex12a.txt RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12-A Atlantic City Electric Company Ratio of Earnings to Fixed Charges (Dollars in Thousands)
12 Months Ended Year Ended December 31, March 31, ----------------------------------------------------- 2001 2000 1999 1998 1997 1996 --------- ---------- --------- --------- --------- --------- Income before extraordinary item $62,137 $54,434 $63,930 $30,276 $85,747 $75,017 --------- ---------- --------- --------- --------- --------- Income taxes 42,815 36,746 49,326 18,178 50,442 36,958 --------- ---------- --------- --------- --------- --------- Fixed charges: Interest on long-term debt including amortization of discount, premium and expense 74,117 76,178 60,562 63,940 64,501 64,847 Other interest 4,826 4,518 3,837 3,435 3,574 4,019 Preferred dividend require- ments of subsidiary trusts 7,619 7,619 7,634 6,052 5,775 1,428 --------- ---------- --------- --------- --------- --------- Total fixed charges 86,562 88,315 72,033 73,427 73,850 70,294 --------- ---------- --------- --------- --------- --------- Earnings before extraordinary item, income taxes and fixed charges $191,514 $179,495 $185,289 $121,881 $210,039 $182,269 ========= ========== ========= ========= ========= ========= Ratio of earnings to fixed charges 2.21 2.03 2.57 1.66 2.84 2.59
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.