CONSOLIDATED EDISON, INC.
Ratio of Earnings to Fixed Charges
Twelve Months Ended
(Thousands of Dollars)
DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
1996 1997 1998 1999 2000
---------- ---------- ---------- ---------- ----------
Earnings
Net Income for Common Stock $688,169 $694,479 $712,742 $700,615 $582,835
Preferred Dividends 5,916 (A) 18,344 17,007 13,593 13,593
State Income Tax - - - - 23,636
Federal Income Tax 355,590 357,100 318,980 838,213 92,464
Federal Income Tax Deferred 49,510 31,450 95,140 (428,008) 199,146
Investment Tax Credits Deferred (8,910) (8,830) (8,710) (37,380) (8,078)
----------- ----------- ----------- ----------- -----------
Total Earnings Before Income Tax 1,090,275 1,092,543 1,135,159 1,087,033 903,596
Fixed Charges* 343,308 353,689 345,513 357,178 431,218
------------ ----------- ----------- ----------- -----------
Total Earnings Before Income Tax
and Fixed Charges $1,433,583 $1,446,232 $1,480,672 $1,444,211 $1,334,814
============ ============ ============ ============ ============
* Fixed Charges
Interest on Long-Term Debt $296,443 $306,109 $294,894 $305,879 $351,410
Amortization of Debt Discount, Premium and
Expense 11,376 12,049 13,777 13,514 12,584
Interest on Component of Rentals 18,157 18,448 18,442 17,720 17,697
Other Interest 17,332 17,083 18,400 20,065 49,527
------------- ------------ ------------ ------------ ------------
Total Fixed Charges $343,308 $353,689 $345,513 $357,178 $431,218
============= ============ ============ ============ ============
Ratio of Earnings to Fixed Charges 4.18 4.09 4.29 4.04 3.10
(A) Reflects gain on refunding of preferred stock.