ORANGE AND ROCKLAND UTILITIES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
Twelve Months Ended
(Thousands of Dollars)
YEAR YEAR YEAR YEAR YEAR
1996 1997 1998 1999 2000
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Earnings
Net Income $46,303 $45,138 $44,968 $14,726 $39,069
Federal Income Tax 24,294 22,316 22,836 38,064 18,616
State Income Tax 392 368 2,041 2,037 6,039
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Total Earnings Before Federal Income Tax 70,989 67,822 69,845 54,827 63,724
Fixed Charges* 34,859 35,779 36,973 35,454 28,415
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Total Earnings Before Federal Income Tax
and Fixed Charges $105,848 $103,601 $106,818 $90,281 $92,139
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* Fixed Charges
Interest on Long-Term Debt $24,221 $23,216 $23,867 $26,326 $21,873
Amortization of Debt Discount, Premium and Expense 1,462 1,521 1,138 1,208 1,060
Interest Component on lease Payment 3,199 2,809 2,505 2,583 2,515
Other Interest 5,977 8,233 9,463 5,337 2,967
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Total Fixed Charges $34,859 $35,779 $36,973 $35,454 $28,415
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Ratio of Earnings to Fixed Charges 3.04 2.90 2.89 2.55 3.24