EXHIBIT 12.4 | ||||||||||||||||
Page 1 | ||||||||||||||||
THE TOLEDO EDISON COMPANY | ||||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||
Income before extraordinary items | $ | (5,142 | ) | $ | 19,930 | $ | 86,283 | $ | 76,164 | $ | 99,404 | |||||
Interest and other charges, before reduction for amounts capitalized | 57,672 | 42,126 | 33,439 | 21,489 | 23,179 | |||||||||||
Provision for income taxes | (9,844 | ) | 5,394 | 52,350 | 73,931 | 59,869 | ||||||||||
Interest element of rentals charged to income (a) | 87,174 | 84,894 | 82,879 | 80,042 | 77,158 | |||||||||||
Earnings as defined | $ | 129,860 | $ | 152,344 | $ | 254,951 | $ | 251,626 | $ | 259,610 | ||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | ||||||||||||||||
Interest on long-term debt | $ | 57,672 | $ | 42,126 | $ | 33,439 | $ | 21,489 | $ | 23,179 | ||||||
Interest element of rentals charged to income (a) | 87,174 | 84,894 | 82,879 | 80,042 | 77,158 | |||||||||||
Fixed charges as defined | $ | 144,846 | $ | 127,020 | $ | 116,318 | $ | 101,531 | $ | 100,337 | ||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 0.90 | 1.20 | 2.19 | 2.48 | 2.59 | |||||||||||
(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 12.4 | ||||||||||||||||
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, | ||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||
Income before extraordinary items | $ | (5,142 | ) | $ | 19,930 | $ | 86,283 | $ | 76,164 | $ | 99,404 | |||||
Interest and other charges, before reduction for amounts capitalized | 57,672 | 42,126 | 33,439 | 21,489 | 23,179 | |||||||||||
Provision for income taxes | (9,844 | ) | 5,394 | 52,350 | 73,931 | 59,869 | ||||||||||
Interest element of rentals charged to income (a) | 87,174 | 84,894 | 82,879 | 80,042 | 77,158 | |||||||||||
Earnings as defined | $ | 129,860 | $ | 152,344 | $ | 254,951 | $ | 251,626 | $ | 259,610 | ||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | ||||||||||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||
(PRE-INCOME TAX BASIS): | ||||||||||||||||
Interest on long-term debt | $ | 57,672 | $ | 42,126 | $ | 33,439 | $ | 21,489 | $ | 23,179 | ||||||
Preferred stock dividend requirements | 10,756 | 8,838 | 8,844 | 7,795 | 9,409 | |||||||||||
Adjustments to preferred stock dividends | ||||||||||||||||
to state on a pre-income tax basis | 4,146 | 2,158 | 5,366 | 7,561 | 5,667 | |||||||||||
Interest element of rentals charged to income (a) | 87,174 | 84,894 | 82,879 | 80,042 | 77,158 | |||||||||||
Fixed charges as defined plus preferred stock | ||||||||||||||||
dividend requirements (pre-income tax basis) | $ | 159,748 | $ | 138,016 | $ | 130,528 | $ | 116,887 | $ | 115,413 | ||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||
(PRE-INCOME TAX BASIS) | 0.81 | 1.10 | 1.95 | 2.15 | 2.25 | |||||||||||
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. |