Exhibit 12
Delmarva Power & Light Company
Ratio of Earnings to Fixed Charges
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(Dollars in Thousands)
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12 Months
Ended Year Ended December 31,
March 31, ------------------------------------------------------------------
1995 1994 1993 1992 1991 1990
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Net income (1) $104,077 $108,310 $111,076 $98,526 $80,506 $37,311
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Income taxes (1) 65,414 67,613 67,102 54,834 43,249 24,556
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Fixed charges:
Interest on long-term debt
including amortization of
discount, premium and
expense 61,540 61,128 62,651 66,976 68,133 63,709
Other interest 9,870 9,336 9,245 8,449 10,192 8,618
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Total fixed charges 71,410 70,464 71,896 75,425 78,325 72,327
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Equity in net loss of less-than-
fifty-percent-owned invest-
ments accounted for under the
equity method 0 0 0 0 0 12,772
Nonutility capitalized interest (288) (256) (246) (231) (143) (373)
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Earnings before income taxes
and fixed charges $240,613 $246,131 $249,828 $228,554 $201,937 $146,593
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Ratio of earnings to fixed charges 3.37 3.49 3.47 3.03 2.58 2.03
For purposes of computing the ratio, earnings are net income plus income taxes,
fixed charges, and equity in the net loss of less-than-fifty-percent-owned
investments which are accounted for under the equity method, less nonutility
capitalized interest. Fixed charges consist of interest on long- and short-
term debt, amortization of debt discount, premium, and expense, plus the
interest factor associated with the Company's major leases, and one-third of
the remaining annual rentals.
(1)Net income and income taxes related to the cumulative effect of a change in
accounting for unbilled revenues recorded in 1991 are excluded from the
computation of this ratio.
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