Exhibit 12
Delmarva Power & Light Company
Ratio of Earnings to Fixed Charges
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(Dollars in Thousands)
12 Months
Ended
3/31/94 1993
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Net income $116,304 $111,076
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Income taxes 73,927 67,102
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Fixed charges:
Interest on long-term debt including amor-
tization of discount, premium and expense 61,605 62,651
Other interest 9,065 9,245
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Total fixed charges 70,670 71,896
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Nonutility capitalized interest (260) (246)
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Earnings before income taxes
and fixed charges $260,641 $249,828
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Ratio of earnings to fixed charges 3.69 3.47
For purposes of computing the ratio, earnings are net income plus income
taxes and fixed charges less nonutility capitalized interest. Fixed charges
consist of interest on long- and short-term debt, amortization of debt
discount, premium and expense, plus the interest factor associated with the
Company's major leases, and one-third of the remaining annual rentals.
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