EXHIBIT 12
TEXAS UTILITIES COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES,
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED
DIVIDENDS
TWELVE
MONTHS YEAR ENDED DECEMBER 31,
ENDED -----------------------
SEPTEMBER
30, 1998 1997 1996
-------- ---------- -----------
THOUSAND OF DOLLARS, EXCEPT RATIOS
EARNINGS:
Net income (loss) $ 598,540 $ 660,454 $ 753,606
Add: Total federal
income taxes
(benefit) 393,357 376,898 375,232
Fixed charges (see
detail below) 1,215,659 854,822 851,482
Preferred dividends
of subsidiaries 19,099 27,983 53,358
--------- --------- ---------
Total earnings $2,226,655 $1,920,157 $2,033,678
========= ========= =========
FIXED CHARGES:
Interest expense $1,101,398 $ 762,937 $ 797,893
Rentals representative
of the interest
factor 41,828 22,184 20,588
Distributions on
preferred trust
securities of
subsidiaries* 72,433 69,701 33,001
--------- --------- ---------
Fixed charges
deducted from
earnings 1,215,659 854,822 851,482
Preferred dividends of
subsidiaries
(pretax)** 31,651 43,952 79,926
--------- --------- ---------
Total fixed
charges 1,247,310 898,774 931,408
--------- --------- ---------
Preferred dividends of
registrant 0 0 0
--------- --------- ---------
Fixed charges
and preferred
dividends $1,247,310 $ 898,774 $ 931,408
========= ========= =========
RATIO OF EARNINGS TO
FIXED CHARGES (a) 1.79 2.14 2.18
==== ==== ====
RATIO OF EARNINGS TO
COMBINED FIXED
CHARGES AND PREFERRED
DIVIDENDS (a) 1.79 2.14 2.18
==== ==== ====
YEAR ENDED DECEMBER 31,
------------------------------------
1995 1994 1993
----------- ---------- ----------
THOUSAND OF DOLLARS, EXCEPT RATIOS
EARNINGS:
Net income (loss) $(138,645) $ 542,799 $ 368,660
Add: Total federal
income taxes
(benefit) (60,035) 326,638 209,544
Fixed charges (see
detail below) 732,313 752,892 782,439
Preferred dividends
of subsidiaries 84,914 101,883 115,232
--------- --------- ---------
Total earnings $ 618,547 $1,724,212 $1,475,875
========= ========= =========
FIXED CHARGES:
Interest expense $ 706,183 $ 726,875 $ 752,802
Rentals representative
of the interest
factor 24,329 26,017 29,637
Distributions on
preferred trust
securities of
subsidiaries* 1,801 -- --
--------- --------- ---------
Fixed charges
deducted from
earnings 732,313 752,892 782,439
Preferred dividends of
subsidiaries
(pretax)** 121,683 163,193 180,729
--------- --------- ---------
Total fixed
charges 853,996 916,085 963,168
--------- --------- ---------
Preferred dividends of
registrant 0 0 0
--------- --------- ---------
Fixed charges
and preferred
dividends $ 853,996 $ 916,085 $ 963,168
========= ========= =========
RATIO OF EARNINGS TO
FIXED CHARGES (a) 0.72 1.88 1.53
==== ==== ====
RATIO OF EARNINGS TO
COMBINED FIXED
CHARGES AND PREFERRED
DIVIDENDS (a) 0.72 1.88 1.53
==== ==== ====
* Distributions on preferred trust securities are deductible for
tax purposes.
** Preferred dividend requirements of subsidiaries multiplied by
the ratio of pre-tax income to net income.
(a) For the year ended December 31, 1995, fixed charges and
combined fixed charges and preferred dividends exceeded
earnings by $235 million.