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EXHIBIT NO. 12(a)
CONSTELLATION ENERGY GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| | 3 Months Ended | 12 Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | March 2003 | December 2002 | December 2001 | December 2000 | December 1999 | December 1998 | |||||||||||||
| | (In Millions of Dollars) | ||||||||||||||||||
| Income from Continuing Operations (Before Extraordinary Loss and Cumulative Effects of Changes in Accounting Principles) | $ | 67.0 | $ | 525.6 | $ | 82.4 | $ | 345.3 | $ | 326.4 | $ | 305.9 | |||||||
| Taxes on Income, Including Tax Effect for BGE Preference Stock Dividends | 34.1 | 301.0 | 29.7 | 221.4 | 182.5 | 169.3 | |||||||||||||
| Adjusted Income | $ | 101.1 | $ | 826.6 | $ | 112.1 | $ | 566.7 | $ | 508.9 | $ | 475.2 | |||||||
| Fixed Charges: | |||||||||||||||||||
| Interest and Amortization of Debt Discount and Expense and Premium on all Indebtedness | $ | 78.4 | $ | 271.5 | $ | 226.1 | $ | 261.5 | $ | 245.7 | $ | 255.3 | |||||||
| Earnings Required for BGE Preference Stock Dividends | 5.5 | 21.8 | 21.4 | 21.9 | 21.0 | 33.8 | |||||||||||||
| Capitalized Interest | 3.9 | 42.5 | 55.8 | 21.1 | 2.7 | 3.6 | |||||||||||||
| Interest Factor in Rentals | 0.9 | 2.1 | 2.0 | 2.2 | 1.8 | 1.9 | |||||||||||||
| Total Fixed Charges | $ | 88.7 | $ | 337.9 | $ | 305.3 | $ | 306.7 | $ | 271.2 | $ | 294.6 | |||||||
Earnings(1) | $ | 185.9 | $ | 1,122.0 | $ | 361.6 | $ | 852.3 | $ | 777.4 | $ | 766.2 | |||||||
Ratio of Earnings to Fixed Charges | 2.10 | 3.33 | 1.18 | 2.78 | 2.87 | 2.60 | |||||||||||||
- (1)
- Earnings are deemed to consist of income from continuing operations (before extraordinary loss and cumulative effects of changes in accounting principles) that includes earnings of Constellation Energy's consolidated subsidiaries, equity in the net income of unconsolidated subsidiaries, income taxes (including deferred income taxes, investment tax credit adjustments, and the tax effect of BGE's preference stock dividends), and fixed charges other than capitalized interest.
CONSTELLATION ENERGY GROUP, INC. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES