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Previous: UNITED ILLUMINATING CO, 10-Q, EX-10.2F, 2000-08-14 |
Next: UNITED ILLUMINATING CO, 10-Q, EX-21, 2000-08-14 |
<TABLE>
EXHIBIT 12
PAGE 1 OF 2
THE UNITED ILLUMINATING COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
<CAPTION>
TWELVE
MONTHS
ENDED
YEAR ENDED DECEMBER 31, JUNE 30,
------------------------------------------------------------------------
1995 1996 1997 1998 1999 2000
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
EARNINGS
Net income $49,896 $39,045 $43,457 $45,072 $52,224 $62,998
Federal income taxes 41,721 35,224 28,929 38,976 51,013 50,344
State income taxes 12,907 8,497 8,226 10,795 10,887 10,783
Fixed charges 83,994 80,097 78,016 67,871 57,915 52,820
----------- ----------- ----------- ----------- ----------- ------------
Earnings available for fixed charges $188,518 $162,863 $158,628 $162,714 $172,039 $176,945
=========== =========== =========== =========== =========== ============
FIXED CHARGES
Interest on long-term debt $63,431 $66,305 $63,063 $50,129 $42,104 $38,833
Other interest 16,723 9,534 10,881 13,831 12,132 10,330
One third of rental charges 3,840 4,258 4,072 3,911 3,679 3,657
----------- ----------- ----------- ----------- ----------- ------------
$83,994 $80,097 $78,016 67,871 57,915 $52,820
=========== =========== =========== =========== =========== ============
RATIO OF EARNINGS TO FIXED
CHARGES 2.24 2.03 2.03 2.40 2.97 3.35
=========== =========== =========== =========== =========== ============
</TABLE>
<PAGE>
<TABLE>
EXHIBIT 12
PAGE 2 OF 2
THE UNITED ILLUMINATING COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
(IN THOUSANDS)
<CAPTION>
TWELVE
MONTHS
ENDED
YEAR ENDED DECEMBER 31, JUNE 30,
--------------------------------------------------------------------
1995 1996 1997 1998 1999 2000
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
EARNINGS
Net income $49,896 $39,045 $43,457 $45,072 $52,224 $62,998
Federal income taxes 41,721 35,224 28,929 38,976 51,013 50,344
State income taxes 12,907 8,497 8,226 10,795 10,887 10,783
Fixed charges 83,994 80,097 78,016 67,871 57,915 52,820
----------- ---------- ----------- ---------- ---------- -----------
Earnings available for combined fixed
charges and preferred stock
dividend requirements $188,518 $162,863 $158,628 $162,714 $172,039 $176,945
=========== ========== =========== ========== ========== ===========
FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS
Interest on long-term debt $63,431 $66,305 $63,063 $50,129 $42,104 $38,833
Other interest 16,723 9,534 10,881 13,831 12,132 10,330
One third of rental charges 3,840 4,258 4,072 3,911 3,679 3,657
Preferred stock dividend requirements (1) 2,778 699 379 428 144 -
----------- ---------- ----------- ---------- ---------- -----------
$86,772 $80,796 $78,395 $68,299 $58,059 $52,820
=========== ========== =========== ========== ========== ===========
RATIO OF EARNINGS TO FIXED
CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS 2.17 2.02 2.02 2.38 2.96 3.35
=========== ========== =========== ========== ========== ===========
</TABLE>
(1) Preferred Stock Dividends increased to reflect the pre-tax earnings required
to cover such dividend requirements.
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