Exhibit 12.1
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2003 | 2004 | 2005 | 2006 | 2007 | 2007 | 2008 | ||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||||||||||
Income before extraordinary items | $ | 197,033 | $ | 236,531 | $ | 231,058 | $ | 306,051 | $ | 276,412 | $ | 211,214 | $ | 217,811 | ||||||||||||||
Interest and other charges, before reduction for amounts capitalized and deferred | 164,132 | 138,678 | 132,226 | 141,710 | 138,977 | 107,430 | 94,479 | |||||||||||||||||||||
Provision for income taxes | 131,285 | 138,856 | 153,014 | 188,662 | 163,363 | 131,525 | 107,082 | |||||||||||||||||||||
Interest element of rentals charged to income (a) | 49,761 | 49,375 | 47,643 | 45,955 | 29,829 | 28,013 | 1,379 | |||||||||||||||||||||
Earnings as defined | $ | 542,211 | $ | 563,440 | $ | 563,941 | $ | 682,378 | $ | 608,581 | $ | 478,182 | $ | 420,751 | ||||||||||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||||||||||
Interest before reduction for amounts capitalized and deferred | $ | 159,632 | $ | 138,678 | $ | 132,226 | $ | 141,710 | $ | 138,977 | $ | 107,430 | $ | 94,479 | ||||||||||||||
Subsidiary's preferred stock dividend requirements | 4,500 | - | - | - | - | - | - | |||||||||||||||||||||
Interest element of rentals charged to income (a) | 49,761 | 49,375 | 47,643 | 45,955 | 29,829 | 28,013 | 1,379 | |||||||||||||||||||||
Fixed charges as defined | $ | 213,893 | $ | 188,053 | $ | 179,869 | $ | 187,665 | $ | 168,806 | $ | 135,443 | $ | 95,858 | ||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 2.53 | 3.00 | 3.14 | 3.64 | 3.61 | 3.53 | 4.39 |
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.