BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED AND PREFERENCE DIVIDEND REQUIREMENTS
12 Months Ended
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) $ 147.7 $ 143.5 $ 328.4 $ 327.7 $ 282.8 $ 310.8
Taxes on Income 96.4 94.2 182.0 181.3 161.5 169.2
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Adjusted Income $ 244.1 $ 237.7 $ 510.4 $ 509.0 $ 444.3 $ 480.0
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Fixed Charges:
Interest and Amortization of
Debt Discount and Expense and
Premium on all Indebtedness $ 180.8 $ 186.8 $ 206.4 $ 255.3 $ 234.2 $ 203.9
Capitalized Interest - - 0.4 3.6 8.4 15.7
Interest Factor in Rentals 0.7 0.9 1.0 1.9 1.9 1.5
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Total Fixed Charges $ 181.5 $ 187.7 $ 207.8 $ 260.8 $ 244.5 $ 221.1
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Preferred and Preference
Dividend Requirements: (1)
Preferred and Preference Dividends $ 13.2 $ 13.2 $ 13.5 $ 21.8 $ 28.7 $ 38.5
Income Tax Required 8.6 8.7 7.5 12.0 16.4 20.9
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Total Preferred and Preference
Dividend Requirements $ 21.8 $ 21.9 $ 21.0 $ 33.8 $ 45.1 $ 59.4
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Total Fixed Charges and Preferred
and Preference Dividend Requirements $ 203.3 $ 209.6 $ 228.8 $ 294.6 $ 289.6 $ 280.5
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Earnings (2) $ 425.6 $ 425.4 $ 717.8 $ 766.2 $ 680.4 $ 685.4
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Ratio of Earnings to Fixed Charges 2.34 2.27 3.45 2.94 2.78 3.10
Ratio of Earnings to Combined Fixed
Charges and Preferred and Preference
Dividend Requirements 2.09 2.03 3.14 2.60 2.35 2.44
Preferred and preference dividend requirements consist of an amount equal to the
pre-tax earnings that would be required to meet dividend requirements on
preferred stock and preference stock.
Earnings are deemed to consist of income from continuing operations (before
extraordinary loss) that includes earnings of BGE's consolidated
subsidiaries, income taxes (including deferred income taxes and investment tax
credit adjustments), and fixed charges other than capitalized interest.