COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED AND PREFERENCE DIVIDEND REQUIREMENTS
12 Months Ended
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March December December December December December
1999 1998 1997 1996 1995 1994
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(In Millions of Dollars)
Net Income $ 333.7 $ 327.7 $ 282.8 $ 310.8 $ 338.0 $ 323.6
Taxes on Income 185.7 181.3 161.5 169.2 172.4 156.7
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Adjusted Net Income $ 519.4 $ 509.0 $ 444.3 $ 480.0 $ 510.4 $ 480.3
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Fixed Charges:
Interest and Amortization of
Debt Discount and Expense and
Premium on all Indebtedness $ 258.4 $ 255.3 $ 234.2 $ 203.9 $ 206.7 $ 204.2
Capitalized Interest 2.4 3.6 8.4 15.7 15.0 12.4
Interest Factor in Rentals 1.8 1.9 1.9 1.5 2.1 2.0
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Total Fixed Charges $ 262.6 $ 260.8 $ 244.5 $ 221.1 $ 223.8 $ 218.6
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Preferred and Preference
Dividend Requirements: (1)
Preferred and Preference Dividends $ 19.4 $ 21.8 $ 28.7 $ 38.5 $ 40.6 $ 39.9
Income Tax Required 10.8 12.0 16.4 20.9 20.4 19.1
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Total Preferred and Preference
Dividend Requirements $ 30.2 $ 33.8 $ 45.1 $ 59.4 $ 61.0 $ 59.0
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Total Fixed Charges and Preferred
and Preference Dividend Requirements $ 292.8 $ 294.6 $ 289.6 $ 280.5 $ 284.8 $ 277.6
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Earnings (2) $ 779.6 $ 766.2 $ 680.4 $ 685.4 $ 719.2 $ 686.5
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Ratio of Earnings to Fixed Charges 2.97 2.94 2.78 3.10 3.21 3.14
Ratio of Earnings to Combined Fixed
Charges and Preferred and Preference
Dividend Requirements 2.66 2.60 2.35 2.44 2.52 2.47
(1) Preferred and preference dividend requirements consist of an amount equal
to the pre-tax earnings that would be required to meet dividend
requirements on preferred stock and preference stock.
(2) Earnings are deemed to consist of net income that includes earnings of
BGE's consolidated subsidiaries, equity in the net income of BGE's
unconsolidated subsidiary, income taxes (including deferred income taxes
and investment tax credit adjustments), and fixed charges other than
capitalized interest.