EXHIBIT 12
PAGE 1 OF 2
THE UNITED ILLUMINATING COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
TWELVE
MONTHS
ENDED
YEAR ENDED DECEMBER 31, MAR. 31,
-------------------------------------------------------------------------
1995 1996 1997 1998 1999 2000
---- ---- ---- ---- ---- ----
EARNINGS
Net income $49,896 $39,045 $43,457 $45,072 $52,224 $59,189
Federal income taxes 41,721 35,224 28,929 38,976 51,013 50,448
State income taxes 12,907 8,497 8,226 10,795 10,887 10,665
Fixed charges 83,994 80,097 78,016 67,871 57,915 53,735
------------ ----------- ------------ ----------- ----------- ------------
Earnings available for fixed charges $188,518 $162,863 $158,628 $162,714 $172,039 $174,037
============ =========== ============ =========== =========== ============
FIXED CHARGES
Interest on long-term debt $63,431 $66,305 $63,063 $50,129 $42,104 $39,483
Other interest 16,723 9,534 10,881 13,831 12,132 10,615
One third of rental charges 3,840 4,258 4,072 3,911 3,679 3,637
------------ ----------- ------------ ----------- ----------- ------------
$83,994 $80,097 $78,016 67,871 57,915 $53,735
============ =========== ============ =========== =========== ============
RATIO OF EARNINGS TO FIXED
CHARGES 2.24 2.03 2.03 2.40 2.97 3.24
============ =========== ============ =========== =========== ============
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)
TWELVE
MONTHS
ENDED
YEAR ENDED DECEMBER 31, MAR. 31,
--------------------------------------------------------------------
1995 1996 1997 1998 1999 2000
---- ---- ---- ---- ---- ----
EARNINGS
Net income $49,896 $39,045 $43,457 $45,072 $52,224 $59,189
Federal income taxes 41,721 35,224 28,929 38,976 51,013 50,448
State income taxes 12,907 8,497 8,226 10,795 10,887 10,665
Fixed charges 83,994 80,097 78,016 67,871 57,915 53,735
----------- ---------- ----------- ---------- ---------- -----------
Earnings available for combined fixed
charges and preferred stock
dividend requirements $188,518 $162,863 $158,628 $162,714 $172,039 $174,037
=========== ========== =========== ========== ========== ===========
FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS
Interest on long-term debt $63,431 $66,305 $63,063 $50,129 $42,104 $39,483
Other interest 16,723 9,534 10,881 13,831 12,132 10,615
One third of rental charges 3,840 4,258 4,072 3,911 3,679 3,637
Preferred stock dividend requirements (1) 2,778 699 379 428 144 33
----------- ---------- ----------- ---------- ---------- -----------
$86,772 $80,796 $78,395 $68,299 $58,059 $53,768
=========== ========== =========== ========== ========== ===========
RATIO OF EARNINGS TO FIXED
CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS 2.17 2.02 2.02 2.38 2.96 3.24
=========== ========== =========== ========== ========== ===========
(1) Preferred Stock Dividends increased to reflect the pre-tax earnings required
to cover such dividend requirements.