EX-12.5 12 ex12-5.htm EXHIBIT 12 - CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES - TE ex12-5.htm
EXHIBIT 12.5
Page 1
 
THE TOLEDO EDISON COMPANY
  
                               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
  
                               
   
Year Ended December 31,
  
   
2005
    
2006
    
2007
    
2008
    
2009
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                              
Income before extraordinary items
   $ 76,170     $ 99,410     $ 91,242     $ 74,927     $ 23,978  
Interest and other charges, before reduction for amounts capitalized
                                        
and deferred
     21,489       23,179       34,135       23,286       36,512  
Provision for income taxes
     73,931       59,869       53,736       29,824       7,939  
Interest element of rentals charged to income (a)
     80,042       77,158       57,393       37,172       34,514  
                                         
Earnings as defined
   $ 251,632     $ 259,616     $ 236,506     $ 165,209     $ 102,943  
                                         
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                                        
Interest before reduction for amounts capitalized and deferred
   $ 21,489     $ 23,179     $ 34,135     $ 23,286     $ 36,512  
Interest element of rentals charged to income (a)
     80,042       77,158       57,393       37,172       34,514  
                                         
Fixed charges as defined
   $ 101,531     $ 100,337     $ 91,528     $ 60,458     $ 71,026  
                                         
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
     2.48       2.59       2.58       2.73       1.45  
                                         
                                         
 
                                        
                                         
(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,
  
   
2005
    
2006
    
2007
    
2008
    
2009
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                              
Income before extraordinary items
   $ 76,170     $ 99,410     $ 91,242     $ 74,927     $ 23,978  
Interest and other charges, before reduction for amounts capitalized
                                        
and deferred
     21,489       23,179       34,135       23,286       36,512  
Provision for income taxes
     73,931       59,869       53,736       29,824       7,939  
Interest element of rentals charged to income (a)
     80,042       77,158       57,393       37,172       34,514  
                                         
Earnings as defined
   $ 251,632     $ 259,616     $ 236,506     $ 165,209     $ 102,943  
                                         
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
   $ 21,489     $ 23,179     $ 34,135     $ 23,286     $ 36,512  
Preferred stock dividend requirements
     7,795       9,409       -       -       -  
Adjustments to preferred stock dividends
                                        
to state on a pre-income tax basis
     7,561       5,667       -       -       -  
Interest element of rentals charged to income (a)
     80,042       77,158       57,393       37,172       34,514  
                                         
Fixed charges as defined plus preferred stock
                                        
dividend requirements (pre-income tax basis)
   $ 116,887     $ 115,413     $ 91,528     $ 60,458     $ 71,026  
                                         
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                                        
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
                                        
(PRE-INCOME TAX BASIS)
     2.15       2.25       2.58       2.73       1.45  
                                         
 
                                        
                                         
                                         
(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.