EX-12.5 6 c11256exv12w5.htm EXHIBIT 12.5 Exhibit 12.5
EXHIBIT 12.5

Page 1
THE TOLEDO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                                         
    Year Ended December 31,  
    2006     2007     2008     2009     2010  
    (Dollars in thousands)  
EARNINGS AS DEFINED IN REGULATION S-K:
                                        
Income before extraordinary items
   $ 99,410     $ 91,242     $ 74,927     $ 23,978     $ 33,048  
Interest and other charges, before reduction for amounts capitalized and deferred
     23,179       34,135       23,286       36,512       41,883  
Provision for income taxes
     59,869       53,736       29,824       7,939       17,645  
Interest element of rentals charged to income (a)
     77,158       57,393       37,172       34,514       31,508  
 
                              
 
                                        
Earnings as defined
   $ 259,616     $ 236,506     $ 165,209     $ 102,943     $ 124,084  
 
                              
 
                                        
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                                        
Interest before reduction for amounts capitalized and deferred
   $ 23,179     $ 34,135     $ 23,286     $ 36,512     $ 41,883  
Interest element of rentals charged to income (a)
     77,158       57,393       37,172       34,514       31,508  
 
                              
 
                                        
Fixed charges as defined
   $ 100,337     $ 91,528     $ 60,458     $ 71,026     $ 73,391  
 
                              
 
                                        
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
     2.59       2.58       2.73       1.45       1.69  
 
                              
 
     
(a)  
Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.

 

 

 

EXHIBIT 12.5

Page 2
THE TOLEDO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
                                         
    Year Ended December 31,  
    2006     2007     2008     2009     2010  
    (Dollars in thousands)  
EARNINGS AS DEFINED IN REGULATION S-K:
                                        
Income before extraordinary items
   $ 99,410     $ 91,242     $ 74,927     $ 23,978     $ 33,048  
Interest and other charges, before reduction for amounts capitalized and deferred
     23,179       34,135       23,286       36,512       41,883  
Provision for income taxes
     59,869       53,736       29,824       7,939       17,645  
Interest element of rentals charged to income (a)
     77,158       57,393       37,172       34,514       31,508  
 
                              
 
                                        
Earnings as defined
   $ 259,616     $ 236,506     $ 165,209     $ 102,943     $ 124,084  
 
                              
 
                                        
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS):
                                        
Interest before reduction for amounts capitalized and deferred
   $ 23,179     $ 34,135     $ 23,286     $ 36,512     $ 41,883  
Preferred stock dividend requirements
     9,409       —       —       —       —  
Adjustments to preferred stock dividends to state on a pre-income tax basis
     5,667       —       —       —       —  
Interest element of rentals charged to income (a)
     77,158       57,393       37,172       34,514       31,508  
 
                              
 
                                        
Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis)
   $ 115,413     $ 91,528     $ 60,458     $ 71,026     $ 73,391  
 
                              
 
                                        
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
     2.25       2.58       2.73       1.45       1.69  
 
                              
     
(a)  
Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.