| EXHIBIT 12.5 | |||||||||||||||||
| Page 1 | |||||||||||||||||
| THE TOLEDO EDISON COMPANY | |||||||||||||||||
| CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2003 | 2004 | 2005 | 2006 | 2007 | |||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||||||||||
| Income before extraordinary items | $ | 19,930 | $ | 86,283 | $ | 76,164 | $ | 99,404 | $ | 91,239 | |||||||
| Interest and other charges, before reduction for amounts capitalized | |||||||||||||||||
| and deferred | 42,126 | 33,439 | 21,489 | 23,179 | 34,135 | ||||||||||||
| Provision for income taxes | 5,394 | 52,350 | 73,931 | 59,869 | 53,736 | ||||||||||||
| Interest element of rentals charged to income (a) | 84,894 | 82,879 | 80,042 | 77,158 | 57,393 | ||||||||||||
| Earnings as defined | $ | 152,344 | $ | 254,951 | $ | 251,626 | $ | 259,610 | $ | 236,503 | |||||||
| FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||||||||||
| Interest before reduction for amounts capitalized and deferred | $ | 42,126 | $ | 33,439 | $ | 21,489 | $ | 23,179 | $ | 34,135 | |||||||
| Interest element of rentals charged to income (a) | 84,894 | 82,879 | 80,042 | 77,158 | 57,393 | ||||||||||||
| Fixed charges as defined | $ | 127,020 | $ | 116,318 | $ | 101,531 | $ | 100,337 | $ | 91,528 | |||||||
| CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 1.20 | 2.19 | 2.48 | 2.59 | 2.58 | ||||||||||||
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. | |||||||||||||||||
| EXHIBIT 12.5 | ||||||||||||||||||
| Page 2 | ||||||||||||||||||
| THE TOLEDO EDISON COMPANY | ||||||||||||||||||
| CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS | ||||||||||||||||||
| PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) | ||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||
| 2003 | 2004 | 2005 | 2006 | 2007 | ||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||
| EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||||
| Income before extraordinary items | $ | 19,930 | $ | 86,283 | $ | 76,164 | $ | 99,404 | $ | 91,239 | ||||||||
| Interest and other charges, before reduction for amounts capitalized | ||||||||||||||||||
| and deferred | 42,126 | 33,439 | 21,489 | 23,179 | 34,135 | |||||||||||||
| Provision for income taxes | 5,394 | 52,350 | 73,931 | 59,869 | 53,736 | |||||||||||||
| Interest element of rentals charged to income (a) | 84,894 | 82,879 | 80,042 | 77,158 | 57,393 | |||||||||||||
| Earnings as defined | $ | 152,344 | $ | 254,951 | $ | 251,626 | $ | 259,610 | $ | 236,503 | ||||||||
| FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | ||||||||||||||||||
| PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||||
| (PRE-INCOME TAX BASIS): | ||||||||||||||||||
| Interest before reduction for amounts capitalized and deferred | $ | 42,126 | $ | 33,439 | $ | 21,489 | $ | 23,179 | $ | 34,135 | ||||||||
| Preferred stock dividend requirements | 8,838 | 8,844 | 7,795 | 9,409 | - | |||||||||||||
| Adjustments to preferred stock dividends | ||||||||||||||||||
| to state on a pre-income tax basis | 2,158 | 5,366 | 7,561 | 5,667 | - | |||||||||||||
| Interest element of rentals charged to income (a) | 84,894 | 82,879 | 80,042 | 77,158 | 57,393 | |||||||||||||
| Fixed charges as defined plus preferred stock | ||||||||||||||||||
| dividend requirements (pre-income tax basis) | $ | 138,016 | $ | 130,528 | $ | 116,887 | $ | 115,413 | $ | 91,528 | ||||||||
| CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||
| PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||||
| (PRE-INCOME TAX BASIS) | 1.10 | 1.95 | 2.15 | 2.25 | 2.58 | |||||||||||||
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. | ||||||||||||||||||