Exhibit 12
Delmarva Power & Light Company
Ratio of Earnings to Fixed Charges
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(Dollars in Thousands)
12 Months Ended
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6/30/94 12/31/93
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Net income $118,321 $111,076
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Income taxes 78,405 67,102
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Fixed charges:
Interest on long-term debt including amor-
tization of discount, premium and expense 60,744 62,651
Other interest 9,074 9,245
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Total fixed charges 69,818 71,896
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Nonutility capitalized interest (271) (246)
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Earnings before income taxes
and fixed charges $266,273 $249,828
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Ratio of earnings to fixed charges 3.81 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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