EX-12 8 dex12.htm COMPUTATION OF RATIO OF EARNINGS Computation of Ratio of Earnings

EXHIBIT 12

 

COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES

For Years Ended December 31

(Dollar Amounts in Thousands)

 

     West Penn Power Company and Subsidiaries
  
     2003
     2002
    2001
    2000
    1999
  

Earnings:

                                      

Income from continuing operations

    $ 92,358 *   $ 93,984    $ 109,845    $ 102,404    $ 137,600 **

Fixed charges (see below)

      40,760       48,892      53,384      68,920      73,303  

Income taxes

      40,477 *     44,512      54,220      56,297      71,945 **

Less: income from unconsolidated equity investee

      (297 )     —        —        —        —    
    
 
  
  
  

Total Earnings (as defined)

    $ 173,298     $ 187,388    $ 217,449    $ 227,621    $ 282,848  
    
 
  
  
  

Fixed Charges:

                                      

Interest expensed

    $ 39,728     $ 46,926    $ 51,541    $ 66,918    $ 68,724  

Estimated interest component of rental expense

      1,032       1,966      1,843      2,002      4,579  
    
 
  
  
  

Total Fixed Charges (as defined)

    $ 40,760     $ 48,892    $ 53,384    $ 68,920    $ 73,303  
    
 
  
  
  

Ratio of Earnings to Fixed Charges

      4.25       3.83      4.07      3.30      3.86  
    
 
  
  
  
*     Excludes the cumulative effect of an accounting change.
**   Excludes the effect of the extraordinary charge.