Exhibit 12.1
Exelon Corporation
Ratio of Earnings to Fixed Charges
Year Ended December 31, | ||||||||||||||||||||
($ millions) | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||
Pre-tax income from continuing operations | 3,952 | 1,798 | 2,773 | 2,486 | 3,330 | |||||||||||||||
Plus: Loss from equity investees | 1 | 91 | (10 | ) | 20 | — | ||||||||||||||
Less: Capitalized interest | (57 | ) | (75 | ) | (67 | ) | (79 | ) | (99 | ) | ||||||||||
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Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest | 3,896 | 1,814 | 2,696 | 2,427 | 3,231 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness | 761 | 1,021 | 1,436 | 1,110 | 1,107 | |||||||||||||||
Interest component of rental expense (a) | 237 | 310 | 269 | 288 | 300 | |||||||||||||||
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Total fixed charges | 998 | 1,331 | 1,705 | 1,398 | 1,407 | |||||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest plus fixed charges | 4,894 | 3,145 | 4,401 | 3,825 | 4,638 | |||||||||||||||
Ratio of earnings to fixed charges | 4.9 | 2.4 | 2.6 | 2.7 | 3.3 |
(a) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |