Exhibit No. 12
CONSTELLATION ENERGY GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
12 Months Ended
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December December December December December
2001 2000 1999 1998 1997
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(In Millions of Dollars)
Income from Continuing Operations
(Before Extraordinary Loss and
Cumulative Effect of Change in
Accounting Principle) $ 82.4 $ 345.3 $ 326.4 $ 305.9 $ 254.1
Taxes on Income, Including Tax Effect for
BGE Preference Stock Dividends 29.7 221.4 182.5 169.3 145.1
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Adjusted Income $ 112.1 $ 566.7 $ 508.9 $ 475.2 $ 399.2
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Fixed Charges:
Interest and Amortization of
Debt Discount and Expense and
Premium on all Indebtedness $ 226.1 $ 261.5 $ 245.7 $ 255.3 $ 234.2
Earnings Required for BGE Preference
Stock Dividends 21.4 21.9 21.0 33.8 45.1
Capitalized Interest 55.8 21.1 2.7 3.6 8.4
Interest Factor in Rentals 2.0 2.2 1.8 1.9 1.9
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Total Fixed Charges $ 305.3 $ 306.7 $ 271.2 $ 294.6 $ 289.6
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Earnings (1) $ 361.6 $ 852.3 $ 777.4 $ 766.2 $ 680.4
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Ratio of Earnings to Fixed Charges 1.18 2.78 2.87 2.60 2.35
(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.