Exhibit 12.3
Orange and Rockland Utilities, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(Thousands of Dollars)
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| For the Three |
| 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 |
| $ | 16,206 |
| $ | 44,896 |
| $ | 40,182 |
| $ | 39,069 |
| $ | 14,726 |
| $ | 44,968 |
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Federal Income & State Tax |
| 11,389 |
| 24,574 |
| 25,937 |
| 24,654 |
| 40,101 |
| 24,877 |
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Total Earnings Before Federal and State Income Tax |
| 27,595 |
| 69,470 |
| 66,119 |
| 63,723 |
| 54,827 |
| 69,845 |
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Fixed Charges* |
| 6,222 |
| 30,118 |
| 26,373 |
| 27,141 |
| 35,454 |
| 36,973 |
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Total Earnings Before Federal and State |
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Income Tax and Fixed Charges |
| $ | 33,817 |
| $ | 99,588 |
| $ | 92,492 |
| $ | 90,864 |
| $ | 90,281 |
| $ | 106,818 |
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* Fixed Charges |
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Interest on Long-Term Debt |
| 5,049 |
| 20,257 |
| 20,861 |
| 21,873 |
| 26,326 |
| 23,867 |
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Amortization of Debt Discount, Premium and Expense |
| 233 |
| 961 |
| 994 |
| 1,060 |
| 1,208 |
| 1,138 |
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Interest Component on lease Payment |
| 578 |
| 1,598 |
| 1,305 |
| 1,257 |
| 2,583 |
| 2,505 |
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Other Interest |
| 362 |
| 7,302 |
| 3,213 |
| 2,951 |
| 5,337 |
| 9,463 |
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Total Fixed Charges |
| $ | 6,222 |
| $ | 30,118 |
| $ | 26,373 |
| $ | 27,141 |
| $ | 35,454 |
| $ | 36,973 |
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Ratio of Earnings to Fixed Charges |
| 5.4 |
| 3.3 |
| 3.5 |
| 3.4 |
| 2.5 |
| 2.9 |
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ORANGE AND ROCKLAND UTILITIES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(Thousands of Dollars)
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| Twelve Months |
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| Ended |
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| March 2003 |
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Earnings |
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Net Income |
| 48,712 |
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Federal Income & State Tax |
| 26,971 |
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Total Earnings Before Federal and State Income Tax |
| 75,683 |
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Fixed Charges* |
| 29,838 |
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Total Earnings Before Federal and State |
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Income Tax and Fixed Charges |
| $ | 105,521 |
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* Fixed Charges |
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Interest on Long-Term Debt |
| 20,312 |
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Amortization of Debt Discount, Premium and Expense |
| 947 |
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Interest Component on lease Payment |
| 1,776 |
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Other Interest |
| 6,803 |
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Total Fixed Charges |
| $ | 29,838 |
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Ratio of Earnings to Fixed Charges |
| 3.5 |
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