Exhibit 12.1
Consolidated Edison, Inc.
Ratio of Earnings to Fixed Charges
(Millions of Dollars)
|
| For the Three Months Ended |
| For the Twelve Months Ended December 31, |
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| March 31, 2003 |
| 2002 |
| 2001 |
| 2000 |
| 1999 |
| 1998 |
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Earnings |
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Net Income for Common Stock |
| $ | 154 |
| $ | 646 |
| $ | 682 |
| $ | 583 |
| $ | 701 |
| $ | 713 |
|
Preferred Stock Dividend |
| 3 |
| 13 |
| 14 |
| 14 |
| 13 |
| 17 |
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Cumulative Effect of Changes in Accounting Principles |
| — |
| 22 |
| — |
| — |
| — |
| — |
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(Income) or Loss from Equity Investees |
| — |
| — |
| — |
| (1 | ) | 1 |
| 1 |
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Minority Interest Loss |
| 1 |
| 2 |
| 2 |
| 1 |
| — |
| — |
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Income Tax |
| 98 |
| 376 |
| 442 |
| 307 |
| 373 |
| 405 |
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Pre-Tax Income from Continuing Operations |
| $ | 256 |
| $ | 1,059 |
| $ | 1,140 |
| $ | 904 |
| $ | 1,088 |
| $ | 1,136 |
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Add: Fixed Charges* |
| 119 |
| 493 |
| 480 |
| 452 |
| 378 |
| 372 |
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Add: Distributed Income of Equity Investees |
| — |
| — |
| — |
| 1 |
| 1 |
| — |
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Subtract: Interest Capitalized |
| 4 |
| 14 |
| — |
| — |
| — |
| — |
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Subtract: Preferred Stock Dividend Requirement |
| 4 |
| 19 |
| 22 |
| 21 |
| 21 |
| 27 |
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Earnings |
| $ | 367 |
| $ | 1,519 |
| $ | 1,598 |
| $ | 1,336 |
| $ | 1,446 |
| $ | 1,481 |
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* Fixed Charges |
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Interest on Long-term Debt |
| $ | 96 |
| $ | 373 |
| $ | 384 |
| $ | 351 |
| $ | 306 |
| $ | 295 |
|
Amortization of Debt Discount, Premium and Expense |
| 3 |
| 12 |
| 13 |
| 12 |
| 13 |
| 14 |
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Interest Capitalized |
| 4 |
| 14 |
| — |
| — |
| — |
| — |
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Other Interest |
| 8 |
| 61 |
| 42 |
| 50 |
| 20 |
| 18 |
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Interest Component of Rentals |
| 4 |
| 14 |
| 19 |
| 18 |
| 18 |
| 18 |
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Preferred Stock Dividend Requirement |
| 4 |
| 19 |
| 22 |
| 21 |
| 21 |
| 27 |
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Fixed Charges |
| $ | 119 |
| $ | 493 |
| $ | 480 |
| $ | 452 |
| $ | 378 |
| $ | 372 |
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Ratio of Earnings to Fixed Charges |
| 3.1 |
| 3.1 |
| 3.3 |
| 3.0 |
| 3.8 |
| 4.0 |
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Exhibit 12.1
Consolidated Edison, Inc.
Ratio of Earnings to Fixed Charges
(Millions of Dollars)
|
| Twelve Months |
| |
Earnings |
|
|
| |
Net Income for Common Stock |
| $ | 654 |
|
Preferred Stock Dividend |
| 12 |
| |
Cumulative Effect of Changes in Accounting Principles |
| 2 |
| |
(Income) or Loss from Equity Investees |
| 1 |
| |
Minority Interest Loss |
| 2 |
| |
Income Tax |
| 378 |
| |
Pre-Tax Income from Continuing Operations |
| $ | 1,049 |
|
|
|
|
| |
Add: Fixed Charges* |
| 501 |
| |
Add: Distributed Income of Equity Investees |
| — |
| |
Subtract: Interest Capitalized |
| 18 |
| |
Subtract: Preferred Stock Dividend Requirement |
| 18 |
| |
Earnings |
| $ | 1,514 |
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| |
* Fixed Charges |
|
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| |
Interest on Long-term Debt |
| $ | 378 |
|
Amortization of Debt Discount, Premium and Expense |
| 12 |
| |
Interest Capitalized |
| 18 |
| |
Other Interest |
| 59 |
| |
Interest Component of Rentals |
| 16 |
| |
Preferred Stock Dividend Requirement |
| 18 |
| |
Fixed Charges |
| $ | 501 |
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Ratio of Earnings to Fixed Charges |
| 3.0 |
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