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Exhibit 12-A
Atlantic City Electric Company
Ratio of Earnings to Fixed Charges
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(Dollars in Thousands)
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12 Months
Ended Year Ended December 31,
September 30, ------------------------------------------------------------------------
2000 1999 1998 1997 1996 1995
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Income before extraordinary item $ 41,849 $ 63,930 $ 30,276 $ 85,747 $ 75,017 $ 98,752
------------ ------------ ------------ ------------ ------------ ------------
Income taxes 21,556 49,326 18,178 50,442 36,958 48,277
------------ ------------ ------------ ------------ ------------ ------------
Fixed charges:
Interest on long-term debt
including amortization of
discount, premium and
expense 73,589 60,562 63,940 64,501 64,847 62,879
Other interest 4,021 3,837 3,435 3,574 4,019 4,364
Preferred dividend require-
ments of subsidiary
trusts 7,619 7,634 6,052 5,775 1,428 -
------------ ------------ ------------ ------------ ------------ ------------
Total fixed charges 85,229 72,033 73,427 73,850 70,294 67,243
------------ ------------ ------------ ------------ ------------ ------------
Earnings before extraordinary
item, income taxes and
fixed charges $148,634 $185,289 $121,881 $210,039 $182,269 $214,272
============ ============ ============ ============ ============ ============
Ratio of earnings to fixed charges 1.74 2.57 1.66 2.84 2.59 3.19
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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.
