CONSOLIDATED EDISON, INC.
Ratio of Earnings to Fixed Charges
Twelve Months Ended
(Thousands of Dollars)
YEAR YEAR YEAR YEAR YEAR
1995 1996 1997 1998 1999
Earnings
Net Income Available
for Common $688,285 $688,169 $694,479 $712,742 $700,615
Preferred
Dividends 35,565 5,916 ** 18,344 17,007 13,593
Federal Income
Tax 328,600 355,590 357,100 318,980 838,213
Federal Income Tax
Deferred 78,330 49,510 31,450 95,140 (428,008)
Investment Tax Credits
Deferred (9,310) (8,910) (8,830) (8,710) (37,380)
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Earnings Before Federal
Income Tax 1,121,470 1,090,275 1,092,543 1,135,159 1,087,033
Fixed Charges* 350,254 343,308 353,689 345,513 357,178
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Earnings Before Federal Income
Tax and Fixed Charges $1,471,724 $1,433,583 $1,446,232 $1,480,672 $1,444,211
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* Fixed Charges
Interest on
Long-Term Debt $287,842 $296,443 $306,109 $294,894 $305,879
Amort. of Debt Discount,
Premium and Expense 14,075 11,376 12,049 13,777 13,514
Interest on Component
of Rentals 19,383 18,157 18,448 18,442 17,720
Other Interest 28,954 17,332 17,083 18,400 20,065
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Total Fixed Charges $350,254 $343,308 $353,689 $345,513 $357,178
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Ratio of Earnings to 4.20 4.18 4.09 4.29 4.04
Fixed Charges
** Reflects gain on refunding
of preferred stock