EX-12.1 4 a2110246zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

Consolidated Edison, Inc.

 

Ratio of Earnings to Fixed Charges

 

(Millions of Dollars)

 

 

 

For the Three Months Ended

 

For the Twelve Months Ended December 31,

 

 

 

March 31, 2003

 

2002

 

2001

 

2000

 

1999

 

1998

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income for Common Stock

 

$

154

 

$

646

 

$

682

 

$

583

 

$

701

 

$

713

 

Preferred Stock Dividend

 

3

 

13

 

14

 

14

 

13

 

17

 

Cumulative Effect of Changes in Accounting Principles

 

—

 

22

 

—

 

—

 

—

 

—

 

(Income) or Loss from Equity Investees

 

—

 

—

 

—

 

(1

)

1

 

1

 

Minority Interest Loss

 

1

 

2

 

2

 

1

 

—

 

—

 

Income Tax

 

98

 

376

 

442

 

307

 

373

 

405

 

Pre-Tax Income from Continuing Operations

 

$

256

 

$

1,059

 

$

1,140

 

$

904

 

$

1,088

 

$

1,136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Fixed Charges*

 

119

 

493

 

480

 

452

 

378

 

372

 

Add: Distributed Income of Equity Investees

 

—

 

—

 

—

 

1

 

1

 

—

 

Subtract: Interest Capitalized

 

4

 

14

 

—

 

—

 

—

 

—

 

Subtract: Preferred Stock Dividend Requirement

 

4

 

19

 

22

 

21

 

21

 

27

 

Earnings

 

$

367

 

$

1,519

 

$

1,598

 

$

1,336

 

$

1,446

 

$

1,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on Long-term Debt

 

$

96

 

$

373

 

$

384

 

$

351

 

$

306

 

$

295

 

Amortization of Debt Discount, Premium and Expense

 

3

 

12

 

13

 

12

 

13

 

14

 

Interest Capitalized

 

4

 

14

 

—

 

—

 

—

 

—

 

Other Interest

 

8

 

61

 

42

 

50

 

20

 

18

 

Interest Component of Rentals

 

4

 

14

 

19

 

18

 

18

 

18

 

Preferred Stock Dividend Requirement

 

4

 

19

 

22

 

21

 

21

 

27

 

Fixed Charges

 

$

119

 

$

493

 

$

480

 

$

452

 

$

378

 

$

372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

3.1

 

3.1

 

3.3

 

3.0

 

3.8

 

4.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12.1

Consolidated Edison, Inc.

 

Ratio of Earnings to Fixed Charges

 

(Millions of Dollars)

 

 

 

Twelve Months
 Ended March
2003

 

Earnings

 

 

 

Net Income for Common Stock

 

$

654

 

Preferred Stock Dividend

 

12

 

Cumulative Effect of Changes in Accounting Principles

 

2

 

(Income) or Loss from Equity Investees

 

1

 

Minority Interest Loss

 

2

 

Income Tax

 

378

 

Pre-Tax Income from Continuing Operations

 

$

1,049

 

 

 

 

 

Add: Fixed Charges*

 

501

 

Add: Distributed Income of Equity Investees

 

—

 

Subtract: Interest Capitalized

 

18

 

Subtract: Preferred Stock Dividend Requirement

 

18

 

Earnings

 

$

1,514

 

 

 

 

 

* Fixed Charges

 

 

 

Interest on Long-term Debt

 

$

378

 

Amortization of Debt Discount, Premium and Expense

 

12

 

Interest Capitalized

 

18

 

Other Interest

 

59

 

Interest Component of Rentals

 

16

 

Preferred Stock Dividend Requirement

 

18

 

Fixed Charges

 

$

501

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

3.0