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 03/31/95 -------- NET INCOME $152,013 ADD BACK: - - INCOME TAXES: OPERATING INCOME 98,035 NON-OPERATING INCOME 1,274 ------- NET TAXES 99,309 - - FIXED CHARGES: INTEREST APPLICABLE TO DEBT 104,063 ANNUAL RENTALS 2,649 ------- TOTAL FIXED CHARGES 106,712 EARNINGS REQUIRED FOR PREFERRED DIVIDENDS: DIVIDENDS ON PREFERRED STOCK 6,063 ADJUSTMENT TO PREFERRED DIVIDENDS* 3,961 ------- 10,024 FIXED CHARGES AND PREFERRED DIVIDENDS $116,736 ======== EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES $358,034 ======== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS 3.07 ==== * ADDITIONAL CHARGE EQUIVALENT TO EARNINGS REQUIRED TO ADJUST DIVIDENDS ON PREFERRED STOCK TO A PRE-TAX BASIS