EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED AND PREFERENCE DIVIDEND REQUIREMENTS
12 MONTHS ENDED
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DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
1993 1992 1991 1990 1989
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(IN THOUSANDS OF DOLLARS)
Net Income................................................... $ 309,866 $ 264,347 $ 233,681 $ 175,446 $ 276,291
Taxes on Income.............................................. 140,833 105,994 88,041 22,818 84,704
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Adjusted Net Income.......................................... $ 450,699 $ 370,341 $ 321,722 $ 198,264 $ 360,995
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Fixed Charges:
Interest and Amortization of Debt Discount and Expense and
Premium on all Indebtedness............................... $ 199,415 $ 200,848 $ 213,616 $ 194,656 $ 167,503
Capitalized Interest....................................... 16,167 13,800 20,953 25,748 5,842
Interest Factor in Rentals................................. 2,144 2,033 1,801 1,840 2,388
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Total Fixed Charges........................................ $ 217,726 $ 216,681 $ 236,370 $ 222,244 $ 175,733
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Preferred and Preference Dividend Requirements: (1)
Preferred and Preference Dividends......................... $ 41,839 $ 42,247 $ 42,746 $ 40,261 $ 32,381
Income Tax Required........................................ 18,763 16,729 15,916 5,166 9,779
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Total Preferred and Preference Dividend Requirements....... $ 60,602 $ 58,976 $ 58,662 $ 45,427 $ 42,160
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Total Fixed Charges and Preferred and Preference Dividend
Requirements................................................ $ 278,328 $ 275,657 $ 295,032 $ 267,671 $ 217,893
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Earnings (2)................................................. $ 652,258 $ 573,222 $ 537,139 $ 394,760 $ 530,886
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Ratio of Earnings to Fixed Charges........................... 3.00 2.65 2.27 1.78 3.02
Ratio of Earnings to Combined Fixed Charges and Preferred and
Preference Dividend Requirements............................ 2.34 2.08 1.82 1.47 2.44
<FN>
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(1) Preferred and preference dividend requirements consist of an amount equal
to the pre-tax earnings which would be required to meet dividend
requirements on preferred stock and preference stock.
(2) Earnings are deemed to consist of net income which includes earnings of
BGE's consolidated subsidiaries, equity in the net income of BGE's
unconsolidated subsidiary, income taxes (including deferred income taxes
and investment tax credit adjustments), and fixed charges other than
capitalized interest.
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