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 03/31/97 -------- NET INCOME $112,999 ADD BACK: - - INCOME TAXES: OPERATING INCOME 93,566 NON-OPERATING INCOME (1,879) ------- NET TAXES 91,687 - - FIXED CHARGES: INTEREST APPLICABLE TO DEBT 89,384 ANNUAL RENTALS 1,995 ------- TOTAL FIXED CHARGES 91,379 EARNINGS REQUIRED FOR PREFERRED DIVIDENDS: DIVIDENDS ON PREFERRED STOCK 4,509 ADJUSTMENT TO PREFERRED DIVIDENDS* 3,659 ------- 8,168 FIXED CHARGES AND PREFERRED DIVIDENDS $99,547 ======= EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES $296,065 ======== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS 2.97 ==== * ADDITIONAL CHARGE EQUIVALENT TO EARNINGS REQUIRED TO ADJUST DIVIDENDS ON PREFERRED STOCK TO A PRE-TAX BASIS