EX-12.1 3 dex121.htm CALCULATION OF RATIO Calculation of Ratio

DUQUESNE LIGHT EXHIBIT 12.1

Duquesne Light Company and Subsidiaries

Calculation of Ratio of Earnings to Fixed Charges
(Dollar Amounts in Millions)

 

 

Three Months Ended
March 31,
2003

 

 

 

 

 

Year Ended
December 31,

 

 

 

 

 

 

 

 

 

 

 

 

2002

 

2001

 

2000

 

1999

 

1998

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

 

$

11.6

 

$

52.6

 

$

60.1

 

$

71.2

 

$

76.9

 

$

75.8

 

Other interest

 

 

0.3

 

 

2.2

 

 

0.7

 

 

3.1

 

 

4.8

 

 

1.3

 

Company obligated mandatorily redeemable preferred securities dividend requirements

 

 

3.1

 

 

12.6

 

 

12.6

 

 

12.6

 

 

12.6

 

 

12.6

 

Amortization of debt discount, premium and expense – net

 

 

0.8

 

 

2.6

 

 

2.2

 

 

2.3

 

 

2.5

 

 

5.3

 

Portion of lease payments representing an interest factor

 

 

0.3

 

 

1.9

 

 

3.1

 

 

6.8

 

 

43.0

 

 

44.1

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

16.1

 

$

71.9

 

$

78.7

 

$

96.0

 

$

139.8

 

$

139.1

 

 

 

 

 

 

 

 

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

16.7

 

$

75.4

 

$

53.4

 

$

92.6

 

$

151.0

 

$

148.5

 

Income taxes

 

 

11.2

 

 

49.3

 

 

31.4

 

 

41.6

 

 

76.1

*

 

74.9

*

Fixed charges as above

 

 

16.1

 

 

71.9

 

 

78.7

 

 

96.0

 

 

139.8

 

 

139.1

 

 

 

 

 

 

 

 

 

Total Earnings

 

$

44.0

 

$

196.6

 

$

163.5

 

$

230.2

 

$

366.9

 

$

362.5

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

 

2.73

 

 

2.73

 

 

2.08

 

 

2.40

 

 

2.62

 

 

2.61

 

 

 

 

 

 

 

 

 

          *Earnings related to income taxes reflect a $3.0 million and $12.0 million decrease for the twelve months ended December 31, 1999 and 1998, 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 and 2.69 for the twelve months ended December 31, 1999 and 1998.