Consolidated Edison, Inc.
Exhibit 12.1
Ratio of Earnings to Fixed Charges
(Millions of Dollars)
For the Six Months Ended June 30, | For the Y ears Ended December 31, | |||||||||||||||||||||
2005 | 2004 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
Earnings | ||||||||||||||||||||||
Net Income from Continuing Operations | $ | 300 | $ | 247 | $ | 549 | $ | 634 | $ | 689 | $ | 695 | $ | 588 | ||||||||
Preferred Stock Dividend | 6 | 6 | 11 | 11 | 13 | 14 | 14 | |||||||||||||||
(Income) or Loss from Equity Investees | 2 | 2 | 2 | — | — | — | (1 | ) | ||||||||||||||
Minority Interest Loss | — | — | — | 2 | 2 | 2 | 1 | |||||||||||||||
Income Tax | 143 | 147 | 272 | 390 | 388 | 450 | 310 | |||||||||||||||
Pre-Tax Income from Continuing Operations | $ | 451 | $ | 402 | $ | 834 | $ | 1,037 | $ | 1,092 | $ | 1,161 | $ | 912 | ||||||||
Add: Fixed Charges* | 249 | 250 | 501 | 491 | 493 | 480 | 452 | |||||||||||||||
Add: Distributed Income of Equity Investees | — | — | — | — | — | — | 1 | |||||||||||||||
Subtract: Interest Capitalized | — | — | — | 5 | 14 | — | — | |||||||||||||||
Subtract: Preferred Stock Dividend Requirement | 9 | 9 | 17 | 17 | 19 | 22 | 21 | |||||||||||||||
Earnings | $ | 691 | $ | 643 | $ | 1,318 | $ | 1,506 | $ | 1,552 | $ | 1,619 | $ | 1,344 | ||||||||
* Fixed Charges | ||||||||||||||||||||||
Interest on Long-term Debt | $ | 211 | $ | 207 | $ | 411 | $ | 388 | $ | 373 | $ | 384 | $ | 351 | ||||||||
Amortization of Debt Discount, Premium and Expense | 8 | 7 | 15 | 13 | 12 | 13 | 12 | |||||||||||||||
Interest Capitalized | — | — | — | 5 | 14 | — | — | |||||||||||||||
Other Interest | 10 | 16 | 36 | 45 | 61 | 42 | 50 | |||||||||||||||
Interest Component of Rentals | 11 | 11 | 22 | 22 | 14 | 19 | 18 | |||||||||||||||
Preferred Stock Dividend Requirement | 9 | 9 | 17 | 18 | 19 | 22 | 21 | |||||||||||||||
Fixed Charges | $ | 249 | $ | 250 | $ | 501 | $ | 491 | $ | 493 | $ | 480 | $ | 452 | ||||||||
Ratio of Earnings to Fixed Charges | 2.8 | 2.6 | 2.6 | 3.1 | 3.1 | 3.4 | 3.0 |