CONSOLIDATED EDISON COMPANY OF NEW YORK, INC.
Computation in Support of
Ratio of Earnings to Fixed Charges
Years 1992 to 1996
(Thousands of Dollars)
1996 1995 1994 1993 1992
---- ---- ---- ---- ----
Earnings
Net Income ...................... $ 694,085** $ 723,850 $ 734,270 $ 658,522 $ 604,088
Federal Income Tax .............. 355,590 328,600 374,500 270,800 252,600
Federal Income Tax Deferred ..... 49,510 78,330 73,710 106,470 81,670
Investment Tax Credits Deferred . (8,910) (9,310) (9,620) (12,260) (13,800)
Total Earnings Before
Federal Income Tax ............ 1,090,275 1,121,470 1,172,860 1,023,532 924,558
Fixed Charges* .................. 343,308 350,254 327,353 320,554 315,305
Total Earnings Before
Federal Income Tax and
Fixed Charges ................ 1,433,583 $1,471,724 $1,500,213 $1,344,086 $1,239,863
*Fixed Charges
Interest on Long-Term Debt ..... $ 296,443 $ 287,842 $ 277,685 $ 272,781 $ 270,469
Amortization of Debt Discount,
Premium and Expense .......... 11,376 14,075 11,376 8,975 3,974
Interest on Component of Rentals 18,157 19,383 18,439 19,077 19,175
Other Interest ................ 17,332 28,954 19,853 19,721 21,687
Total Fixed Charges ........... $ 343,308 $ 350,254 $ 327,353 $ 320,554 $ 315,305
Ratio of Earnings to Fixed Charges 4.18 4.20 4.58 4.19 3.93
** Reflects increased depreciation expense, but not the net gain,
resulting from refunding of preferred stock. See "Note B Capitalization
- Preferred Stock Refunding" to the financial statements in Item 8 of the
Company's Annual Report on Form 10-K for the year ended December 31, 1996.