EX-12.1 2 j1999201exv12w1.htm EX-12.1 EX-12.1
 

EXHIBIT 12.1
DUQUESNE LIGHT HOLDINGS AND SUBSIDIARIES
Calculation of Ratio of Earnings to Fixed Charges and Preferred and Preference Stock Dividend Requirements
                                                   
    (Millions of Dollars)  
    Three Months Ended        
    March 31,     Year Ended December 31,
    2006         2005     2004     2003     2002     2001  
 
Fixed Charges:
                                                  
Interest on long-term debt
   $ 15.0       $ 54.2     $ 55.2     $ 53.1     $ 55.3     $ 62.3  
Other interest
     1.2         1.1       2.0       12.3       13.3       25.6  
Portion of lease payments representing an interest factor
     0.9         3.1       3.9       4.9       3.2       3.1  
Dividend requirement (a)
     2.0         8.0       6.6       9.5       15.8       16.0  
 
                                      
Total Fixed Charges
   $ 19.1       $ 66.4     $ 67.7     $ 79.8     $ 87.6     $ 107.0  
 
                                      
 
                                                  
           
Earnings:
                                                  
Income (loss) from continuing operations
   $ 14.4       $ 112.9     $ 87.2     $ 93.2     $ 26.7     $ (44.5 )
Income taxes
     10.0         53.0       20.6       17.7       (11.6 )     (77.4 )
Fixed charges as above
     19.1         66.4       67.7       79.8       87.6       107.0  
 
                                      
Total Earnings
   $ 43.5       $ 232.3     $ 175.5     $ 190.7     $ 102.7     $ (14.9 )
 
                                      
 
                                                  
           
Ratio Of Earnings To Fixed Charges and Preferred and Preference
                                                  
Stock Dividend Requirements
     2.28         3.50       2.59       2.39       1.17       (0.14 ) (b)
 
                                    
 
(a)   Includes annual dividend requirements of $12.6 million for the Monthly Income Preferred Securities (MIPS) per year for 2002 and prior. For 2003, only $6.3 million is included for the period January 1 – June 30. From July 1, 2003 until their redemption in 2004, MIPS dividends were included with interest on long-term debt due to the adoption of SFAS No. 150.
 
(b)   In order to achieve a ratio of earnings to fixed charges and preferred and preference stock dividend requirements of one to one, Total Earnings would need to increase by approximately $122 million.

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