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Exhibit 12-B
Delmarva Power & Light Company
Ratio of Earnings to Fixed Charges and Preferred Dividends
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(Dollars in Thousands)
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12 Months
Ended
September 30, Year Ended December 31,
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2000 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
Income before extraordinary item $ 125,772 $ 142,179 $ 112,410 $ 105,709 $116,187 $ 117,488
Income taxes 82,325 95,321 72,276 72,155 78,340 75,540
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Fixed charges:
Interest on long-term debt
including amortization of
discount, premium and
expense 77,289 77,790 81,132 78,350 69,329 65,572
Other interest 6,215 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 -
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Total fixed charges 89,191 89,594 96,148 96,872 83,235 75,925
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Nonutility capitalized interest - - - (208) (311) (304)
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Earnings before extraordinary
item, income taxes, and
fixed charges $ 297,288 $ 327,094 $ 280,834 $ 274,528 $277,451 $ 268,649
=========== ========== ========== ========== ========= ===========
Fixed charges $ 89,191 $ 89,594 $ 96,148 $ $96,872 $ 83,235 $ 75,925
Preferred dividend requirements 8,073 7,417 7,150 7,556 14,961 16,185
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$ 97,264 $ 97,011 $ 103,298 $ 104,428 $ 98,196 $ 92,110
=========== ========== ========== ========== ========= ===========
Ratio of earnings to fixed charges
and preferred dividends 3.06 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.
