Exhibit 12-A
ATLANTIC CITY ELECTRIC COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
3 Months Ended March 31, | Year Ended December 31, | |||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | 1997 | |||||||||||||
| Income before extraordinary item | $ | 5,057 | $ | 75,476 | $ | 54,434 | $ | 63,930 | $ | 30,276 | $ | 85,747 | ||||||
| Income taxes | 3,883 | 46,698 | 36,746 | 49,326 | 18,178 | 50,442 | ||||||||||||
| Fixed charges: | ||||||||||||||||||
| Interest on long-term debt including amortization of discount, premium and expense | 13,995 | 62,166 | 76,178 | 60,562 | 63,940 | 64,501 | ||||||||||||
| Other interest | 641 | 3,314 | 4,518 | 3,837 | 3,435 | 3,574 | ||||||||||||
| Preferred dividend requirements of subsidiary trusts | 1,905 | 7,619 | 7,619 | 7,634 | 6,052 | 5,775 | ||||||||||||
| Total fixed charges | 16,541 | 73,099 | 88,315 | 72,033 | 73,427 | 73,850 | ||||||||||||
| Earnings before extraordinary item, income taxes and fixed charges | $ | 25,481 | $ | 195,273 | $ | 179,495 | $ | 185,289 | $ | 121,881 | $ | 210,039 | ||||||
| Ratio of earnings to fixed charges | 1.54 | 2.67 | 2.03 | 2.57 | 1.66 | 2.84 | ||||||||||||
For purposes of computing the ratio, earnings are income before extraordinary item plus income taxes and fixed charges. Fixed charges consist of interest on long- and short-term debt, amortization of debt discount, premium, and expense, dividends on preferred securities of subsidiary trusts, and the estimated interest component of rentals.