Exhibit 99.3
Exelon Corporation
Ratio of Earnings to Fixed Charges
(amounts in millions of dollars)
Three Months | ||||||||||||||||||||||||
Years Ended December 31, | Ended | |||||||||||||||||||||||
2000 | 2001 | 2002 | 2003 | 2004 | March 31, 2005 | |||||||||||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees | 966 | 2,391 | 2,693 | 1,286 | 2,577 | 734 | ||||||||||||||||||
Plus: Amortization of capitalized interest (a) | — | — | — | — | — | — | ||||||||||||||||||
(Income) or loss from equity investees | 42 | (65 | ) | (86 | ) | (33 | ) | 154 | 36 | |||||||||||||||
Less: Capitalized interest | (6 | ) | (25 | ) | (30 | ) | (24 | ) | (12 | ) | (4 | ) | ||||||||||||
Preference security dividend requirements of consolidated subsidiaries | (16 | ) | (17 | ) | (13 | ) | (7 | ) | (4 | ) | (1 | ) | ||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements | 986 | 2,284 | 2,564 | 1,222 | 2,715 | 765 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtness | 610 | 1,124 | 986 | 896 | 917 | 200 | ||||||||||||||||||
Interest component of rental expense | 11 | 23 | 27 | 17 | 17 | 5 | ||||||||||||||||||
Distributions on mandatorily redeemable preferred securities | 14 | 39 | 37 | 37 | 38 | 9 | ||||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | 16 | 17 | 13 | 7 | 4 | 1 | ||||||||||||||||||
Total fixed charges | 651 | 1,203 | 1,063 | 957 | 976 | 215 | ||||||||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements plus fixed charges | 1,637 | 3,487 | 3,627 | 2,179 | 3,691 | 980 | ||||||||||||||||||
Ratio of earnings to fixed charges | 2.5 | 2.9 | 3.4 | 2.3 | 3.8 | 4.6 |
(a) | Not included pursuant to Section 503(d)1(C) of Regulation S-K. |