EX-12.1 11 a2100388zex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 CINERGY CORP. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
12 MONTHS ENDED DECEMBER 31 9 MONTHS ENDED ------------------------------------------------------------- SEPTEMBER 30, 2002 2001 2000 1999 1998 1997 ------------------ ---------- ---------- ---------- ---------- ---------- (THOUSANDS, EXCEPT RATIOS) Earnings Available Net Income $ 271,279 $ 442,279 $ 399,466 $ 403,641 $ 260,968 $ 362,638 Plus: Preferred Dividends of Subsidiary Trust(a) 17,847 1,067 -- -- -- -- Preferred Dividends 2,575 3,433 4,585 5,457 6,517 12,569 Income Taxes 121,299 255,506 251,557 208,671 117,187 213,000 Interest on Long-Term Debt 180,685 218,939 205,748 205,798 183,849 181,772 Other Interest 19,742 63,142 26,914 34,610 67,219 59,947 Interest Component of Rents(b) 10,479 13,971 13,500 13,147 10,760 10,482 --------------------------------------------------------------------------------- Total Available $ 623,906 $ 998,337 $ 901,770 $ 871,324 $ 646,500 $ 840,408 ================================================================================= Fixed Charges Interest Charges $ 200,427 $ 282,081 $ 232,662 $ 240,408 $ 251,068 $ 241,719 Interest Component of Rents(b) 10,479 13,971 13,500 13,147 10,760 10,482 Preferred Dividends of Subsidiary Trust(a) 17,847 1,067 -- -- -- -- --------------------------------------------------------------------------------- Total Fixed Charges $ 228,753 $ 297,119 $ 246,162 $ 253,555 $ 261,828 $ 252,201 ================================================================================= Ratio of Earnings to Fixed Charges 2.73 3.36 3.66 3.44 2.47 3.33 ================================================================================= Fixed Charges Interest Charges $ 200,427 $ 282,081 $ 232,662 $ 240,408 $ 251,068 $ 241,719 Interest Component of Rents(b) 10,479 13,971 13,500 13,147 10,760 10,482 Preferred Dividends of Subsidiary Trust(a) 17,847 1,067 -- -- -- -- Preferred dividends (pre-income tax basis) 3,715 5,401 7,439 8,240 9,373 19,705 --------------------------------------------------------------------------------- Total Fixed Charges $ 232,468 $ 302,520 $ 253,601 $ 261,795 $ 271,201 $ 271,906 ================================================================================= Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (pre-income tax basis) 2.68 3.30 3.56 3.33 2.38 3.09 =================================================================================
--------------- (a) Preferred Dividends of Subsidiary Trust are deductible for tax purposes. (b) Estimated interest component of rentals (1/3 of rentals was used where no readily defined interest element could be determined).