EXHIBIT 12.5
Page 1
THE TOLEDO EDISON COMPANY | ||||||||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||
Income before extraordinary items | $ | 76,170 | $ | 99,410 | $ | 91,242 | $ | 74,927 | $ | 23,978 | ||||||||||
Interest and other charges, before reduction for amounts capitalized | ||||||||||||||||||||
and deferred | 21,489 | 23,179 | 34,135 | 23,286 | 36,512 | |||||||||||||||
Provision for income taxes | 73,931 | 59,869 | 53,736 | 29,824 | 7,939 | |||||||||||||||
Interest element of rentals charged to income (a) | 80,042 | 77,158 | 57,393 | 37,172 | 34,514 | |||||||||||||||
Earnings as defined | $ | 251,632 | $ | 259,616 | $ | 236,506 | $ | 165,209 | $ | 102,943 | ||||||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||
Interest before reduction for amounts capitalized and deferred | $ | 21,489 | $ | 23,179 | $ | 34,135 | $ | 23,286 | $ | 36,512 | ||||||||||
Interest element of rentals charged to income (a) | 80,042 | 77,158 | 57,393 | 37,172 | 34,514 | |||||||||||||||
Fixed charges as defined | $ | 101,531 | $ | 100,337 | $ | 91,528 | $ | 60,458 | $ | 71,026 | ||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 2.48 | 2.59 | 2.58 | 2.73 | 1.45 | |||||||||||||||
(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, | ||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||
Income before extraordinary items | $ | 76,170 | $ | 99,410 | $ | 91,242 | $ | 74,927 | $ | 23,978 | ||||||||||
Interest and other charges, before reduction for amounts capitalized | ||||||||||||||||||||
and deferred | 21,489 | 23,179 | 34,135 | 23,286 | 36,512 | |||||||||||||||
Provision for income taxes | 73,931 | 59,869 | 53,736 | 29,824 | 7,939 | |||||||||||||||
Interest element of rentals charged to income (a) | 80,042 | 77,158 | 57,393 | 37,172 | 34,514 | |||||||||||||||
Earnings as defined | $ | 251,632 | $ | 259,616 | $ | 236,506 | $ | 165,209 | $ | 102,943 | ||||||||||
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 | $ | 21,489 | $ | 23,179 | $ | 34,135 | $ | 23,286 | $ | 36,512 | ||||||||||
Preferred stock dividend requirements | 7,795 | 9,409 | - | - | - | |||||||||||||||
Adjustments to preferred stock dividends | ||||||||||||||||||||
to state on a pre-income tax basis | 7,561 | 5,667 | - | - | - | |||||||||||||||
Interest element of rentals charged to income (a) | 80,042 | 77,158 | 57,393 | 37,172 | 34,514 | |||||||||||||||
Fixed charges as defined plus preferred stock | ||||||||||||||||||||
dividend requirements (pre-income tax basis) | $ | 116,887 | $ | 115,413 | $ | 91,528 | $ | 60,458 | $ | 71,026 | ||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||||||
(PRE-INCOME TAX BASIS) | 2.15 | 2.25 | 2.58 | 2.73 | 1.45 | |||||||||||||||
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. |