EXHIBIT 12-2 PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS SEC METHOD ($000) 3 MONTHS ENDED 03/31/94 -------- NET INCOME $159,384 ADD BACK: - - - - - - INCOME TAXES: OPERATING INCOME 103,724 NON-OPERATING INCOME 2,865 ------- NET TAXES 106,589 - - - - - - FIXED CHARGES: INTEREST APPLICABLE TO DEBT 101,342 ANNUAL RENTALS 1,749 ------- TOTAL FIXED CHARGES 103,091 EARNINGS REQUIRED FOR PREFERRED DIVIDENDS: DIVIDENDS ON PREFERRED STOCK 10,831 ADJUSTMENT TO PREFERRED DIVIDENDS* 7,243 ------- 18,074 FIXED CHARGES AND PREFERRED DIVIDENDS $121,165 ======== EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES $369,064 ======== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS 3.05 ---- * ADDITIONAL CHARGE EQUIVALENT TO EARNINGS REQUIRED TO ADJUST DIVIDENDS ON PREFERRED STOCK TO A PRE-TAX BASIS