CONSTELLATION ENERGY GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
12 Months Ended
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June December December December December December
1999 1998 1997 1996 1995 1994
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(In Millions of Dollars)
Net Income $ 324.9 $ 305.9 $ 254.1 $ 272.3 $ 297.4 $ 283.7
Taxes on Income, Including Tax Effect for
BGE Preference Stock Dividends 181.1 169.3 145.1 148.3 152.0 137.6
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Adjusted Net Income $ 506.0 $ 475.2 $ 399.2 $ 420.6 $ 449.4 $ 421.3
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Fixed Charges:
Interest and Amortization of
Debt Discount and Expense and
Premium on all Indebtedness $ 257.7 $ 255.3 $ 234.2 $ 203.9 $ 206.7 $ 204.2
Earnings required for BGE Preference
Stock Dividends 26.2 33.8 45.1 59.4 61.0 59.0
Capitalized Interest 2.3 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 $ 288.0 $ 294.6 $ 289.6 $ 280.5 $ 284.8 $ 277.6
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Earnings (1) $ 791.7 $ 766.2 $ 680.4 $ 685.4 $ 719.2 $ 686.5
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Ratio of Earnings to Fixed Charges 2.75 2.60 2.35 2.44 2.52 2.47
(1) Earnings are deemed to consist of net income that includes earnings of
Constellation Energy's consolidated subsidiaries, equity in the net income
of BGE's unconsolidated subsidiary, 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.