CONSTELLATION ENERGY GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
12 Months Ended
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March December December December December December
2001 2000 1999 1998 1997 1996
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(In Millions of Dollars)
Income from Continuing Operations
(Before Extraordinary Loss and
Cumulative Effect of Change in
Accounting Principle) $ 376.5 $ 345.3 $ 326.4 $ 305.9 $ 254.1 $ 272.3
Taxes on Income, Including Tax Effect for
BGE Preference Stock Dividends 234.0 221.4 182.5 169.3 145.1 148.3
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Adjusted Income $ 610.5 $ 566.7 $ 508.9 $ 475.2 $ 399.2 $ 420.6
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Fixed Charges:
Interest and Amortization of
Debt Discount and Expense and
Premium on all Indebtedness $ 262.7 $ 261.5 $ 245.7 $ 255.3 $ 234.2 $ 203.9
Earnings required for BGE Preference
Stock Dividends 21.8 21.9 21.0 33.8 45.1 59.4
Capitalized Interest 34.5 21.1 2.7 3.6 8.4 15.7
Interest Factor in Rentals 2.0 2.2 1.8 1.9 1.9 1.5
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Total Fixed Charges $ 321.0 $ 306.7 $ 271.2 $ 294.6 $ 289.6 $ 280.5
Earnings (1) $ 897.0 $ 852.3 $ 777.4 $ 766.2 $ 680.4 $ 685.4
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Ratio of Earnings to Fixed Charges 2.79 2.78 2.87 2.60 2.35 2.44
(1) Earnings are deemed to consist of income from continuing operations (before
extraordinary loss and cumulative effect of change in accounting principle)
that includes earnings of Constellation Energy's consolidated subsidiaries,
equity in the net income of unconsolidated subsidiaries, income taxes
(including deferred income taxes, investment tax credit adjustments, and
the tax effect of BGE's preference stock dividends), and fixed charges
other than capitalized interest.