EXHIBIT 12
PAGE 1 OF 2
THE UNITED ILLUMINATING COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
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1992 1993 1994 1995 1996
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EARNINGS
Net income $ 56,768 $ 40,481 $ 46,795 $ 50,393 $ 39,096
Federal income taxes 19,276 22,342 34,551 41,951 35,252
State income taxes 16,878 4,645 6,216 12,976 8,506
Fixed charges 109,449 97,928 88,093 83,994 80,097
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Earnings available for fixed charges $202,371 $165,396 $175,655 $189,314 $162,951
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FIXED CHARGES
Interest on long-term debt $ 88,666 $ 80,030 $ 73,772 $ 63,431 $ 66,305
Other interest 12,882 12,260 10,301 16,723 9,534
Interest on nuclear fuel burned 2,963 928 - - -
One third of rental charges 4,938 4,710 4,020 3,840 4,258
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$109,449 $ 97,928 $ 88,093 $ 83,994 $ 80,097
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RATIO OF EARNINGS TO FIXED
CHARGES 1.85 1.69 1.99 2.25 2.03
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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,
-----------------------------------------------------------------------
1992 1993 1994 1995 1996
------ ------ ------ ------ ------
EARNINGS
Net income $ 56,768 $ 40,481 $ 46,795 $ 50,393 $ 39,096
Federal income taxes 19,276 22,342 34,551 41,951 35,252
State income taxes 16,878 4,645 6,216 12,976 8,506
Fixed charges 109,449 97,928 88,093 83,994 80,097
------- ------- ------- ------- -------
Earnings available for combined fixed
charges and preferred stock
dividend requirements $202,371 $165,396 $175,655 $189,314 $162,951
======= ======= ======= ======= =======
FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS
Interest on long-term debt $ 88,666 $ 80,030 $ 73,772 $ 63,431 $ 66,305
Other interest 12,882 12,260 10,301 16,723 9,534
Interest on nuclear fuel burned 2,963 928 - - -
One third of rental charges 4,938 4,710 4,020 3,840 4,258
Preferred stock dividend requirements (1) 7,100 7,197 6,223 2,778 699
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$116,549 $105,125 $ 94,316 $ 86,772 $ 80,796
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RATIO OF EARNINGS TO FIXED
CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS 1.74 1.57 1.86 2.18 2.02
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(1) Preferred Stock Dividends increased to reflect the pre-tax earnings required
to cover such dividend requirements.