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Exhibit 12.3
ORANGE AND ROCKLAND UTILITIES, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
TWELVE MONTHS ENDED
(THOUSANDS OF DOLLARS)
| DECEMBER 1997 | DECEMBER 1998 | DECEMBER 1999 | DECEMBER 2000 | DECEMBER 2001 | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Earnings | |||||||||||||||||
Net Income | $ | 45,138 | $ | 44,968 | $ | 14,726 | $ | 39,069 | $ | 40,182 | |||||||
Federal Income & State Tax | 22,684 | 24,877 | 40,101 | 24,654 | 25,937 | ||||||||||||
Total Earnings Before Federal and State Income Tax | 67,822 | 69,845 | 54,827 | 63,723 | 66,119 | ||||||||||||
Fixed Charges* | 35,779 | 36,973 | 35,454 | 27,141 | 26,373 | ||||||||||||
Total Earnings Before Federal and State Income Tax and Fixed Charges | $ | 103,601 | $ | 106,818 | $ | 90,281 | $ | 90,864 | $ | 92,492 | |||||||
* Fixed Charges | |||||||||||||||||
Interest on Long-Term Debt | $ | 23,216 | $ | 23,867 | $ | 26,326 | 21,873 | 21,855 | |||||||||
Amortization of Debt Discount, Premium and Expense | 1,521 | 1,138 | 1,208 | 1,060 | 994 | ||||||||||||
Interest Component on lease Payment | 2,809 | 2,505 | 2,583 | 1,257 | 1,305 | ||||||||||||
Other Interest | 8,233 | 9,463 | 5,337 | 2,951 | 3,213 | ||||||||||||
Total Fixed Charges | $ | 35,779 | $ | 36,973 | $ | 35,454 | $ | 27,141 | $ | 26,373 | |||||||
Ratio of Earnings to Fixed Charges | 2.90 | 2.89 | 2.55 | 3.35 | 3.51 | ||||||||||||
ORANGE AND ROCKLAND UTILITIES, INC. AND SUBSIDIARIES RATIO OF EARNINGS TO FIXED CHARGES TWELVE MONTHS ENDED (THOUSANDS OF DOLLARS)