EXHIBIT 12
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
June December December December December December
1995 1994 1993 1992 1991 1990
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(In Thousands of Dollars)
Net Income $296,507 $323,617 $309,866 $264,347 $233,681 $175,446
Taxes on Income 143,669 156,702 140,833 105,994 88,041 22,818
-------- -------- ------- -------- -------- --------
Adjusted Net Income $440,176 $480,319 $450,699 $370,341 $321,722 $198,264
-------- -------- -------- -------- -------- --------
Fixed Charges:
Interest and Amortization
of Debt Discount and
Expense and Premium
on all Indebtedness $207,277 $204,205 $199,415 $200,848 $213,616 $194,656
Capitalized Interest 13,784 12,427 16,167 13,800 20,953 25,748
Interest Factor in Rentals 2,101 2,011 2,144 2,033 1,801 1,840
-------- -------- -------- -------- -------- --------
Total Fixed Charges $223,162 $218,643 $217,726 $216,681 $236,370 $222,244
-------- -------- -------- -------- -------- --------
Preferred and Preference
Dividend Requirements: (1) <F1>
Preferred and
Preference Dividends $ 39,774 $ 39,922 $ 41,839 $ 42,247 $ 42,746 $ 40,261
Income Tax Required 19,042 19,075 18,763 16,729 15,916 5,166
-------- -------- -------- -------- -------- --------
Total Preferred and
Preference Dividend
Requirements $ 58,816 $ 58,997 $ 60,602 $ 58,976 $ 58,662 $ 45,427
-------- -------- -------- -------- -------- --------
Total Fixed Charges
and Preferred and
Preference Dividend
Requirements $281,978 $277,640 $278,328 $275,657 $295,032 $267,671
======== ======== ======== ======== ======== ========
Earnings (2) <F2> $649,554 $686,535 $652,258 $573,222 $537,139 $394,760
======== ======== ======== ======== ======== ========
Ratio of Earnings
to Fixed Charges 2.91 3.14 3.00 2.65 2.27 1.78
Ratio of Earnings to
Combined Fixed
Charges and Preferred
and Preference Dividend
Requirements 2.30 2.47 2.34 2.08 1.82 1.47
<FN>
<F1>
(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.
<F2>
(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.
</FN>