EX-12.1 11 l88526aex12-1.txt EXHIBIT 12.1 COMPUTATION-CONSOL.RATIO OF EARNINGS 1 Exhibit 12.1 THE CLEVELAND ELECTRIC ILLUMINATING COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Twelve Months Year Ended December 31, Ended ------------------------------------------------------------------------ --------- March 31, 1996 1997 1998 1999 2000 2001 -------- ------------- -------------- -------- -------- -------- --------- Jan. 1-Nov. 7 Nov. 8-Dec. 31 (Dollars in Thousands) ------------- -------------- EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items............ $116,553 $ 95,191 $ 19,290 $164,891 $194,089 $202,950 $175,873 Interest and other charges, before reduction for amounts capitalized...................... 244,940 212,957 35,472 232,727 211,960 202,752 198,141 Provision for income taxes................... 69,120 78,940 14,029 110,611 123,869 126,701 112,376 Interest element of rentals charged to income (a)................................... 79,503 59,078 10,008 68,314 66,680 65,616 65,134 -------- -------- -------- -------- -------- -------- -------- Earnings as defined............... $509,965 $446,166 $ 78,799 $576,543 $596,598 $598,019 $551,524 ======== ======== ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest expense............................. $244,789 $212,957 $ 35,472 $232,727 $211,960 $202,752 $198,141 Interest element of rentals charged to income (a)................................... 79,503 59,078 10,008 68,314 66,680 65,616 65,134 -------- -------- -------- -------- -------- -------- -------- Fixed charges as defined.......... $324,292 $272,035 $ 45,480 $301,041 $278,640 $268,368 $263,275 ======== ======== ======== ======== ======== ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES 1.57 1.64 1.73 1.92 2.14 2.23 2.09 ==== ==== ==== ==== ==== ==== ====
--------- (a) Includes the interest component of Bruce Mansfield sale and leaseback rentals, leased nuclear fuel in the reactor, and other miscellaneous rentals.