EXHIBIT 12
PAGE 1 OF 2
THE UNITED ILLUMINATING COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------
1995 1996 1997 1998 1999
-------- -------- -------- -------- ------
EARNINGS
Net income $ 49,896 $ 39,045 $ 43,457 $ 45,072 $ 52,224
Federal income taxes 41,721 35,224 28,929 38,976 51,013
State income taxes 12,907 8,497 8,226 10,795 10,887
Fixed charges 83,994 80,097 78,016 67,871 57,915
------- ------- ------- ------- -------
Earnings available for fixed charges $188,518 $162,863 $158,628 $162,714 $172,039
======== ======== ======== ======== ========
FIXED CHARGES
Interest on long-term debt $ 63,431 $ 66,305 $ 63,063 $ 50,129 $ 42,104
Other interest 16,723 9,534 10,881 13,831 12,132
One third of rental charges 3,840 4,258 4,072 3,911 3,679
-------- -------- -------- -------- --------
$ 83,994 $ 80,097 $ 78,016 $ 67,871 $ 57,915
======== ======== ======== ======== ========
RATIO OF EARNINGS TO FIXED
CHARGES 2.24 2.03 2.03 2.40 2.97
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EXHIBIT 12
PAGE 2 OF 2
THE UNITED ILLUMINATING COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
------------------------------------------------------------------
1995 1996 1997 1998 1999
-------- -------- -------- -------- ------
EARNINGS
Net income $ 49,896 $ 39,045 $ 43,457 $ 45,072 $52,224
Federal income taxes 41,721 35,224 28,929 38,976 51,013
State income taxes 12,907 8,497 8,226 10,795 10,887
Fixed charges 83,994 80,097 78,016 67,871 57,915
------- ------- ------- ------- -------
Earnings available for combined fixed
charges and preferred stock
dividend requirements $188,518 $162,863 $158,628 $162,714 $172,039
======== ======== ======== ======== ========
FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS
Interest on long-term debt $ 63,431 $ 66,305 $ 63,063 $ 50,129 $42,104
Other interest 16,723 9,534 10,881 13,831 12,132
One third of rental charges 3,840 4,258 4,072 3,911 3,679
Preferred stock dividend requirements (1) 2,778 699 379 428 144
-------- -------- -------- -------- --------
$ 86,772 $ 80,796 $ 78,395 $ 68,299 $ 58,059
======== ======== ======== ======== ========
RATIO OF EARNINGS TO FIXED
CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS 2.17 2.02 2.02 2.38 2.96
======== ======== ======== ======== ========
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(1) Preferred Stock Dividends increased to reflect the pre-tax earnings required
to cover such dividend requirements.