Exhibit 12-A
Delmarva Power & Light Company
Ratio of Earnings to Fixed Charges
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(Dollars in Thousands)
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1996 1995 1994 1993 1992
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Net income $116,187 $117,488 $108,310 $111,076 $ 98,526
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Income taxes 78,340 75,540 67,613 67,102 54,834
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Fixed charges:
Interest on long-term debt
including amortization of
discount, premium and
expense 69,329 65,572 61,128 62,651 66,976
Other interest 12,516 10,353 9,336 9,245 8,449
Preferred dividend require-
ments of a subsidiary
trust 1,390 - - - -
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Total fixed charges 83,235 75,925 70,464 71,896 75,425
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Nonutility capitalized interest (311) (304) (256) (246) (231)
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Earnings before income taxes
and fixed charges $277,451 $268,649 $246,131 $249,828 $228,554
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Ratio of earnings to fixed charges 3.33 3.54 3.49 3.47 3.03
For purposes of computing the ratio, earnings are net income plus income taxes
and fixed charges, less nonutility capitalized interest. Fixed charges consist
of interest on long- and short-term debt, amortization of debt discount,
premium, and expense, plus the interest factor associated with the Company's
major leases, and one-third of the remaining annual rentals.