| Earnings Reconciliation (Unaudited) Year Ended December 31 |
2007 |
2006 |
|
|---|---|---|---|
 |
|||
| Diluted Earnings Per Share- Continuing Operations |
$2.84 |
$2.64 |
|
| State Tax Benefits | - |
0.05 |
|
| Sale of Guardian | - |
0.01 |
|
|
|||
| Adjusted Diluted Earnings Per Share- Continuing Operations |
$2.84 |
$2.58 |
|
| Debt to Total Capital Year Ended December 31 Millions |
2001 |
2003 |
2005 |
2007 |
Adjusted* 2007 |
|
|
||||||
|---|---|---|---|---|---|---|
| Common Equity | $2,056.1 |
$2,358.7 |
$2,680.1 |
$3099.2 |
$3,349.2 |
|
| Preferred | 30.5 |
30.4 |
30.4 |
30.4 |
30.4 |
|
| LT Debt | 3,437.3 |
3,570.5 |
3,031.0 |
3,172.5 |
2,922.5 |
|
| LT Debt - Current | 484.3 |
166.2 |
496.0 |
352.8 |
352.8 |
|
| ST Debt | 550.4 |
590.8 |
456.3 |
900.7 |
900.7 |
|
| Total Capital | $6,558.6 |
$6,716.6 |
$6,693.8 |
$7,555.6 |
$7,555.6 |
|
| Total Debt | $4,472.0 |
$4,327.5 |
$3,983.3 |
$4,426.0 |
$4,176.0 |
|
| Debt to Total Capital | 68.2% |
64.4% |
59.5% |
58.6% |
55.3% |
|
| Cash | 47.0 |
53.5 |
73.2 |
27.4 |
27.4 |
|
| Adjusted | 68.0% |
64.1% |
59.1% |
58.4% |
55.1% |
|
*Included in Long-Term Debt for the year ended December 31, 2007, is the $500 million aggregate principal amount of the 2007 Series A Junior Subordinated Notes due 2067 as these debt securities are reflected as long-term debt on our Consolidated Balance Sheets. The adjusted presentation attributes $250 million of the Junior Notes to Common Equity and $250 million to Long-Term Debt. We believe this presentation is consistent with the 50% equity credit the majority of rating agencies currently attribute to the Junior Notes.
