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Exhibit 12-B
Delmarva Power & Light Company
Ratio of Earnings to Fixed Charges and Preferred Dividends
----------------------------------------------------------
(Dollars in Thousands)
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12 Months
Ended Year Ended December 31,
June 30, -----------------------------------------------------------
2000 1999 1998 1997 1996 1995
--------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Income before extraordinary item $154,477 $142,179 $112,410 $105,709 $116,187 $117,488
--------- -------- -------- -------- -------- ---------
Income taxes 99,978 95,321 72,276 72,155 78,340 75,540
--------- -------- -------- -------- -------- ---------
Fixed charges:
Interest on long-term debt
including amortization of
discount, premium and
expense 76,779 77,790 81,132 78,350 69,329 65,572
Other interest 5,770 6,117 9,328 12,835 12,516 10,353
Preferred dividend require-
ments of a subsidiary
trust 5,687 5,687 5,688 5,687 1,390 -
--------- -------- -------- -------- -------- ---------
Total fixed charges 88,236 89,594 96,148 96,872 83,235 75,925
--------- -------- -------- -------- -------- ---------
Nonutility capitalized interest - - - (208) (311) (304)
--------- -------- -------- -------- -------- ---------
Earnings before extraordinary
item, income taxes, and
fixed charges $342,691 $327,094 $280,834 $274,528 $277,451 $268,649
========= ======== ======== ======== ======== =========
Fixed charges $88,236 $89,594 $96,148 $96,872 $83,235 $75,925
Preferred dividend requirements 8,113 7,417 7,150 7,556 14,961 16,185
--------- -------- -------- -------- -------- ---------
$96,349 $97,011 $103,298 $104,428 $98,196 $92,110
========= ======== ======== ======== ======== =========
Ratio of earnings to fixed charges
and preferred dividends 3.56 3.37 2.72 2.63 2.83 2.92
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For purposes of computing the ratio, earnings are income before extraordinary
item plus income taxes and fixed charges, less nonutility capitalized interest.
Fixed charges consist of interest on long- and short-term debt, amortization of
debt discount, premium, and expense, dividends on preferred securities of a
subsidiary trust, plus the estimated interest component of rentals. Preferred
dividend requirements represent annualized preferred dividend requirements
multiplied by the ratio that pre-tax income bears to net income.
