Annual Report — Form 10-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10-K Annual Report Form 10-K 94 518K
2: EX-10 Union C0Ntract, Eff. 5/16/97 124 297K
3: EX-12 Statement Re: Computation of Ratios 2 12K
4: EX-21 List of Subsidiaries of United Illuminating 1 5K
5: EX-27 FDS -- 12 Mos. of 1997 1 7K
EX-12 — Statement Re: Computation of Ratios
| EX-12 | 1st Page of 2 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
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EXHIBIT 12
Page 1 of 2
THE UNITED ILLUMINATING COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
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1993 1994 1995 1996 1997
---- ---- ---- ---- ----
EARNINGS
Net income $ 40,481 $ 46,795 $ 50,393 $ 39,096 $ 45,791
Federal income taxes 22,342 34,551 41,951 35,252 30,186
State income taxes 4,645 6,216 12,976 8,506 8,651
Fixed charges 97,928 88,093 83,994 80,097 78,016
-------- -------- -------- -------- --------
Earnings available for fixed charges $165,396 $175,655 $189,314 $162,951 $162,644
======== ======== ======== ======== ========
FIXED CHARGES
Interest on long-term debt $ 80,030 $ 73,772 $ 63,431 $ 66,305 $ 63,063
Other interest 12,260 10,301 16,723 9,534 10,881
Interest on nuclear fuel burned 928 - - - -
One third of rental charges 4,710 4,020 3,840 4,258 4,072
-------- -------- -------- -------- --------
$ 97,928 $ 88,093 $ 83,994 $ 80,097 $ 78,016
======== ======== ======== ======== ========
RATIO OF EARNINGS TO FIXED
CHARGES 1.69 1.99 2.25 2.03 2.08
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EXHIBIT 12
Page 2 of 2
THE UNITED ILLUMINATING COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
---------------------------------------------------------------------
1993 1994 1995 1996 1997
---- ---- ---- ---- ----
EARNINGS
Net income $ 40,481 $ 46,795 $ 50,393 $ 39,096 $ 45,791
Federal income taxes 22,342 34,551 41,951 35,252 30,186
State income taxes 4,645 6,216 12,976 8,506 8,651
Fixed charges 97,928 88,093 83,994 80,097 78,016
-------- -------- -------- -------- --------
Earnings available for combined fixed
charges and preferred stock
dividend requirements $165,396 $175,655 $189,314 $162,951 $162,644
======== ======== ======== ======== ========
FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS
Interest on long-term debt $ 80,030 $ 73,772 $ 63,431 $ 66,305 $ 63,063
Other interest 12,260 10,301 16,723 9,534 10,881
Interest on nuclear fuel burned 928 - - - -
One third of rental charges 4,710 4,020 3,840 4,258 4,072
Preferred stock dividend requirements (1) 7,197 6,223 2,778 699 379
-------- -------- -------- -------- --------
$105,125 $ 94,316 $ 86,772 $ 80,796 $ 78,395
======== ======== ======== ======== ========
RATIO OF EARNINGS TO FIXED
CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS 1.57 1.86 2.18 2.02 2.07
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(1) Preferred Stock Dividends increased to reflect the pre-tax earnings required
to cover such dividend requirements.
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