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, JUNE 30,
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1994 1995 1996 1997 1998 1999
---- ---- ---- ---- ---- ----
EARNINGS
Net income $46,795 $50,393 $39,096 $45,791 $47,043 $51,619
Federal income taxes 34,551 41,951 35,252 30,186 31,342 45,642
State income taxes 6,216 12,976 8,506 8,651 9,001 11,173
Fixed charges 88,093 83,994 80,097 78,016 75,187 64,069
------------ ----------- ------------ ----------- ----------- ------------
Earnings available for fixed charges $175,655 $189,314 $162,951 $162,644 $162,573 $172,503
============ =========== ============ =========== =========== ============
FIXED CHARGES
Interest on long-term debt $73,772 $63,431 $66,305 $63,063 $60,214 $46,117
Other interest 10,301 16,723 9,534 10,881 10,931 14,254
One third of rental charges 4,020 3,840 4,258 4,072 4,042 3,698
------------ ----------- ------------ ----------- ----------- ------------
$88,093 $83,994 $80,097 $78,016 $75,187 $64,069
============ =========== ============ =========== =========== ============
RATIO OF EARNINGS TO FIXED
CHARGES 1.99 2.25 2.03 2.08 2.16 2.69
============ =========== ============ =========== =========== ============
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, JUNE 30,
--------------------------------------------------------------------
1994 1995 1996 1997 1998 1999
---- ---- ---- ---- ---- ----
EARNINGS
Net income $46,795 $50,393 $39,096 $45,791 $47,043 $51,619
Federal income taxes 34,551 41,951 35,252 30,186 31,342 45,642
State income taxes 6,216 12,976 8,506 8,651 9,001 11,173
Fixed charges 88,093 83,994 80,097 78,016 75,187 64,069
----------- ---------- ----------- ---------- ---------- -----------
Earnings available for combined fixed
charges and preferred stock
dividend requirements $175,655 $189,314 $162,951 $162,644 $162,573 $172,503
=========== ========== =========== ========== ========== ===========
FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS
Interest on long-term debt $ 73,772 $ 63,431 $ 66,305 $ 63,063 $60,214 $46,117
Other interest 10,301 16,723 9,534 10,881 10,931 14,254
One third of rental charges 4,020 3,840 4,258 4,072 4,042 3,698
Preferred stock dividend requirements (1) 6,223 2,778 699 379 381 351
----------- ---------- ----------- ---------- ---------- -----------
$94,316 $86,772 $80,796 $78,395 $75,568 $64,420
=========== ========== =========== ========== ========== ===========
RATIO OF EARNINGS TO FIXED
CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS 1.86 2.18 2.02 2.07 2.15 2.68
=========== ========== =========== ========== ========== ===========
(1) Preferred Stock Dividends increased to reflect the pre-tax earnings required
to cover such dividend requirements.