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ORANGE AND ROCKLAND UTILITIES, INC. AND SUBSIDIARIES
EXHIBIT 12.3
RATIO OF EARNINGS TO FIXED CHARGES
Twelve Months Ended
(Thousands of Dollars)
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December December December December December
1998 1999 2000 2001 2002
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EARNINGS
Net Income $44,968 $14,726 $39,069 $40,182 $44,896
Federal Income & State Tax 24,877 40,101 24,654 25,937 24,574
Total Earnings Before Federal and State Income Tax 69,845 54,827 63,723 66,119 69,470
FIXED CHARGES* 36,973 35,454 27,141 26,373 30,118
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Total Earnings Before Federal and State
Income Tax and Fixed Charges $106,818 $90,281 $90,864 $92,492 $99,588
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* Fixed Charges
Interest on Long-Term Debt 23,867 26,326 21,873 21,855 21,218
Amortization of Debt Discount, Premium and Expense 1,138 1,208 1,060 994 961
Interest Component on lease Payment 2,505 2,583 1,257 1,305 1,598
Other Interest 9,463 5,337 2,951 3,213 7,302
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Total Fixed Charges 36,973 35,454 27,141 27,367 31,079
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Ratio of Earnings to Fixed Charges 2.89 2.55 3.35 3.38 3.20
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