EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
DPL INC. CONSOLIDATED 2000 1999 1999 1998 1997 1996 1995
SEC COVERAGE RATIOS
12 Mos. 12 Mos. 12 Mos. 12 Mos. 12 Mos. 12 Mos. 12 Mos.
Ended Ended Ended Ended Ended Ended Ended
3/31/00 3/31/99 12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
------- ------- -------- -------- -------- -------- --------
(Thousands of Dollars, except for ratios)
Ratio of Earnings to Fixed Charges (SEC Method):
Fixed Charges:
Interest on First Mortgage Bonds 43,560 61,534 48,291 61,540 65,507 68,655 79,077
Other Interest Expense 80,541 35,988 62,461 31,406 20,832 20,383 15,174
Interest Component of Rentals 109 118 114 126 167 320 537
------ ------- ------- ------ ------- ------- ------
Total Fixed Charges 124,210 97,640 110,866 93,072 86,506 89,358 94,788
Earnings:
Net income (before Preferred dividends) 188,869 192,194 205,085 189,969 182,263 173,769 165,528
Plus: Income Taxes 115,819 123,614 127,948 120,394 105,443 103,477 102,355
Fixed Charges (defined above) 124,210 97,640 110,866 93,072 86,506 89,358 94,788
------- ------- ------- ------- ------- ------- -------
Total 428,898 413,448 443,899 403,435 374,212 366,604 362,671
428,898 413,448 443,899 403,435 374,212 366,604 362,671
Ratio = Earnings/Fixed Charges = ------- ------- ------- ------- ------- ------- -------
124,210 97,640 110,866 93,072 86,506 89,358 94,788
Ratio of Earnings to Fixed Charges - (SEC) Method) 3.45 4.23 4.00 4.33 4.32 4.10 3.82