EX-12.1 3 dex121.txt CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES DUQUESNE LIGHT EXHIBIT 12.1 Duquesne Light Company and Subsidiaries Calculation of Ratio of Earnings to Fixed Charges (Dollar Amounts in Millions)
Six Months Ended Year Ended June 30, December 31, 2002 2001 2000 1999 1998 1997 ------- --------------------------------------------------- FIXED CHARGES: Interest on long-term debt $ 28.5 $ 60.1 $ 71.2 $ 76.9 $ 75.8 $ 81.6 Other interest 1.7 0.7 3.1 4.8 1.3 0.8 Company obligated mandatorily redeemable preferred trust securities dividend requirements 6.3 12.6 12.6 12.6 12.6 12.6 Amortization of debt discount, premium and expense - net 1.2 2.2 2.3 2.5 5.3 5.8 Portion of lease payments representing an interest factor 1.0 3.l 6.8 43.0 44.1 44.2 ------- --------------------------------------------------- Total Fixed Charges $ 38.7 $ 78.7 $ 96.0 $139.8 $139.1 $145.0 ------- --------------------------------------------------- EARNINGS: Income from continuing operations $ 32.8 $ 53.4 $ 92.6 $151.0 $148.5 $141.8 Income taxes 20.5 31.4 41.6 76.1* 74.9* 73.8* Fixed charges as above 38.7 78.7 96.0 139.8 139.1 145.0 ------- --------------------------------------------------- Total Earnings $ 92.0 $163.5 $230.2 $366.9 $362.5 $360.6 ------- --------------------------------------------------- RATIO OF EARNINGS TO FIXED CHARGES 2.38 2.08 2.40 2.62 2.61 2.49 ======= ===================================================
*Earnings related to income taxes reflect a $3.0 million, $12.0 million and $17.0 million decrease for the twelve months ended December 31, 1999, 1998 and 1997, respectively, due to a financial statement reclassification related to Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes. The ratio of earnings to fixed charges, absent this reclassification equals 2.65, 2.69 and 2.61 for the twelve months ended December 31, 1999, 1998 and 1997, respectively.