EXHIBIT 12.5
Page 1
Page 1
THE TOLEDO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||
Income before extraordinary items | $ | 99,410 | $ | 91,242 | $ | 74,927 | $ | 23,978 | $ | 33,048 | ||||||||||
Interest and other charges, before reduction for amounts capitalized and deferred | 23,179 | 34,135 | 23,286 | 36,512 | 41,883 | |||||||||||||||
Provision for income taxes | 59,869 | 53,736 | 29,824 | 7,939 | 17,645 | |||||||||||||||
Interest element of rentals charged to income (a) | 77,158 | 57,393 | 37,172 | 34,514 | 31,508 | |||||||||||||||
Earnings as defined | $ | 259,616 | $ | 236,506 | $ | 165,209 | $ | 102,943 | $ | 124,084 | ||||||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||
Interest before reduction for amounts capitalized and deferred | $ | 23,179 | $ | 34,135 | $ | 23,286 | $ | 36,512 | $ | 41,883 | ||||||||||
Interest element of rentals charged to income (a) | 77,158 | 57,393 | 37,172 | 34,514 | 31,508 | |||||||||||||||
Fixed charges as defined | $ | 100,337 | $ | 91,528 | $ | 60,458 | $ | 71,026 | $ | 73,391 | ||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 2.59 | 2.58 | 2.73 | 1.45 | 1.69 | |||||||||||||||
(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
Page 2
THE TOLEDO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
Year Ended December 31, | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||
Income before extraordinary items | $ | 99,410 | $ | 91,242 | $ | 74,927 | $ | 23,978 | $ | 33,048 | ||||||||||
Interest and other charges, before reduction for amounts capitalized and deferred | 23,179 | 34,135 | 23,286 | 36,512 | 41,883 | |||||||||||||||
Provision for income taxes | 59,869 | 53,736 | 29,824 | 7,939 | 17,645 | |||||||||||||||
Interest element of rentals charged to income (a) | 77,158 | 57,393 | 37,172 | 34,514 | 31,508 | |||||||||||||||
Earnings as defined | $ | 259,616 | $ | 236,506 | $ | 165,209 | $ | 102,943 | $ | 124,084 | ||||||||||
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 | $ | 23,179 | $ | 34,135 | $ | 23,286 | $ | 36,512 | $ | 41,883 | ||||||||||
Preferred stock dividend requirements | 9,409 | — | — | — | — | |||||||||||||||
Adjustments to preferred stock dividends to state on a pre-income tax basis | 5,667 | — | — | — | — | |||||||||||||||
Interest element of rentals charged to income (a) | 77,158 | 57,393 | 37,172 | 34,514 | 31,508 | |||||||||||||||
Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis) | $ | 115,413 | $ | 91,528 | $ | 60,458 | $ | 71,026 | $ | 73,391 | ||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) | 2.25 | 2.58 | 2.73 | 1.45 | 1.69 | |||||||||||||||
(a) | Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. |