DQE Exhibit 12.1
DQE and Subsidiaries
Calculation of Ratio of Earnings to Fixed Charges
and Preferred and Preference Stock Dividend Requirements
(Thousands of Dollars)
Three Months Ended Year Ended
March 31, December 31,
2001 2000 1999 1998 1997 1996
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FIXED CHARGES:
Interest on long-term debt $16,160 $ 73,546 $ 79,454 $ 81,076 $ 87,420 $ 88,478
Other interest 5,755 36,118 28,212 14,556 13,823 10,926
Portion of lease payments
representing an interest factor 1,601 6,783 42,973 44,146 44,208 44,357
Dividend requirement 3,578 14,131 14,684 15,612 21,649 14,385
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Total Fixed Charges $27,094 $130,578 $165,323 $155,390 $167,100 $158,146
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EARNINGS:
Income from continuing operations $12,223 $153,551 $201,416 $196,688 $199,101 $179,138
Income taxes 7,295 70,350 110,722* 100,982* 95,805* 87,388*
Fixed charges as above 27,094 130,578 165,323 155,390 167,100 158,146
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Total Earnings $46,612 $354,479 $477,461 $453,060 $462,006 $424,672
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RATIO OF EARNINGS TO FIXED CHARGES 1.72 2.72 2.89 2.92 2.76 2.69
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*Earnings related to income taxes reflect a $3.0 million, $12.0 million, $17.0
million and $12.0 million decrease for the twelve months ended December 31,
1999, 1998, 1997 and 1996, respectively, due to a financial statement
reclassification related to Statement of Financial Accounting Standards No.
109, Accounting for Income Taxes. The ratio of earnings to fixed charges,
absent this reclassification equals 2.86, 2.99, 2.87 and 2.76 for the twelve
months ended December 31, 1999, 1998, 1997 and 1996, respectively.