EX-12.1 4 l88526bex12-1.txt EXHIBIT 12.1 1 Exhibit 12.1 THE CLEVELAND ELECTRIC ILLUMINATING COMPANY CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES
Year Ended December 31, (Dollars in Thousands) ---------------------------------------------------------------------------- 1996 1997 1998 1999 2000 -------- --------------------- -------- -------- -------- Jan. 1-Nov.7 Nov.8-Dec.31 ------------ ------------ EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items............ $116,553 $ 95,191 $ 19,290 $164,891 $194,089 $202,950 Interest and other charges, before reduction for amounts capitalized...................... 244,789 212,957 35,472 232,727 211,960 202,752 Provision for income taxes................... 69,120 78,940 14,029 110,611 123,869 126,701 Interest element of rentals charged to income (a)................................... 79,503 59,078 10,008 68,314 66,680 65,616 -------- -------- -------- -------- -------- -------- Earnings as defined............... $509,965 $446,166 $ 78,799 $576,543 $596,598 $598,019 ======== ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest expense............................. $244,789 $212,957 $ 35,472 $232,727 $211,960 $202,752 Interest element of rentals charged to income (a)................................... 79,503 59,078 10,008 68,314 66,680 65,616 -------- -------- -------- -------- -------- -------- Fixed charges as defined.......... $324,292 $272,035 $ 45,480 $301,041 $278,640 $268,368 ======== ======== ======== ======== ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES 1.57 1.64 1.73 1.92 2.14 2.23 ==== ==== ==== ==== ==== ==== Twelve Months Ended (Dollars in Thousands) June 30, 2001 -------- EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items............ $169,125 Interest and other charges, before reduction for amounts capitalized...................... 194,230 Provision for income taxes................... 111,217 Interest element of rentals charged to income (a)................................... 64,719 -------- Earnings as defined............... $539,291 ======== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest expense............................. $194,230 ------- Interest element of rentals charged to income (a)................................... 64,719 -------- Fixed charges as defined.......... $258,949 ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES(b) 2.08 ====
--------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. (b) These ratios exclude fixed charges applicable to the guarantee of the debt of a coal supplier for the three years ended December 31, 1998, respectively. The guarantee and related coal supply contract debt expired December 31, 1999. E-8