Exhibit 12(a)
TEXAS UTILITIES COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES,
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
Year Ended December 31,
1998 1997 1996 1995 1994
----- ---- ----- ----- ----
Thousand of Dollars, Except Ratios
EARNINGS:
Net income (loss) $ 739,959 $ 660,454 $ 753,606 $(138,645) $ 542,799
Add: Total federal income taxes (benefit) 526,832 376,898 375,232 (60,035) 326,638
Fixed charges (see detail below) 1,473,403 854,822 851,482 732,313 752,892
Preferred dividends of subsidiaries 16,514 27,983 53,358 84,914 101,883
---------- ---------- ---------- --------- ----------
Total earnings $2,756,708 $1,920,157 $2,033,678 $ 618,547 $1,724,212
========== ========== ========== ========= ==========
FIXED CHARGES:
Interest expense $1,299,315 $ 762,937 $ 797,893 $ 706,183 $ 726,875
Rentals representative of the interest factor 100,087 22,184 20,588 24,329 26,017
Distributions on preferred trust securities
of subsidiaries * 74,001 69,701 33,001 1,801 -
---------- ---------- ---------- --------- ----------
Fixed charges deducted from earnings 1,473,403 854,822 851,482 732,313 752,892
Preferred dividends of subsidiaries (pretax)** 28,271 43,952 79,926 121,683 163,193
---------- ---------- ---------- --------- ----------
Total fixed charges 1,501,674 898,774 931,408 853,996 916,085
---------- ---------- ---------- --------- ----------
Preferred dividends of registrant 0 0 0 0 0
---------- ---------- ---------- --------- ----------
Fixed charges and preferred dividends $1,501,674 $ 898,774 $ 931,408 $ 853,996 $ 916,085
========== ========== ========== ========= ==========
RATIO OF EARNINGS TO FIXED CHARGES (a) 1.84 2.14 2.18 0.72 1.88
==== ==== ==== ==== ====
RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS (a) 1.84 2.14 2.18 0.72 1.88
==== ==== ==== ==== ====
<FN>
* Distributions on preferred trust securities are deductible for tax purposes.
** Preferred dividends of subsidiaries multiplied by the ratio of pre-tax income to net income.
(a) For the year ended December 31, 1995, fixed charges and combined fixed charges and preferred dividends
exceeded earnings by $235 million.
</FN>