EXHIBIT 12-18
DTE ENERGY COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Year Ended December 31 Ended 6/30/99 1998 1997 1996 (Millions, except for ratio and percent) Net income $ 225 $ 443 $ 417 $ 309 Taxes based on income: Income taxes 27 154 257 221 Municipal and state 2 3 4 3 Total taxes based on income 29 157 261 224 Fixed charges: Interest expense 165 319 297 291 Allowance for funds used during construction 3 Interest factor of rents 17 34 34 34 Preferred stock dividend factor 7 18 26 Total fixed charges 185 360 349 351 Earnings before taxes based on income and fixed charges $ 439 $ 960 $ 1,027 $ 884 Ratio of earnings to fixed charges 2.37 2.67 2.94 2.52 Preferred stock dividends $ $ 6 $ 12 $ 16 Dividends meeting requirement of IRC Section 247 $ $ 4 $ 4 $ 4 Percent deductible for income tax purposes 40.00 % 40.00 % 40.00 % Amount deductible 2 2 2 Amount not deductible 4 10 14 Ratio of pretax income to net income 1.35 1.61 1.69 Dividend factor for amount not deductible 5 16 24 Amount deductible 2 2 2 Total preferred stock dividend factor $ $ 7 $ 18 $ 26
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10-Q Filing
DTE Electric 10-Q1999 Q2 Quarterly report
Filed: 29 Jul 99, 12:00am