Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
The following table sets forth our ratios of earnings to fixed charges for the periods indicated.
Year ended December 31 | Nine months ended September 30 | |||||||||||||||||||||||
(in millions, except ratios) | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | 161 | 172 | 186 | 179 | 208 | 339 | ||||||||||||||||||
Allowance for borrowed funds used during construction | 11 | 13 | 4 | 5 | 4 | 7 | ||||||||||||||||||
Amortization of debt issue costs and discount or premium relating to indebtedness | 3 | 4 | 3 | 3 | 3 | 6 | ||||||||||||||||||
Preferred stock dividend requirements of subsidiaries | 13 | 13 | 14 | 14 | 16 | 6 | ||||||||||||||||||
Interest portion of rental expense | 1 | 1 | 1 | 1 | 1 | 3 | ||||||||||||||||||
Total fixed charges | 189 | 201 | 208 | 201 | 232 | 361 | ||||||||||||||||||
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Earnings available for fixed charges: | ||||||||||||||||||||||||
Earnings from continuing operations before income taxes | 236 | 233 | 299 | 566 | 545 | 179 | ||||||||||||||||||
Dividend income of equity investees, net of equity pick up | (3 | ) | 15 | 14 | 5 | (34 | ) | (49 | ) | |||||||||||||||
Add: Fixed charges | 189 | 201 | 208 | 201 | 232 | 361 | ||||||||||||||||||
Less: Allowance for borrowed funds used during construction | 11 | 13 | 4 | 5 | 4 | 7 | ||||||||||||||||||
Less: Preferred stock dividend requirements of subsidiaries | 13 | 13 | 14 | 14 | 16 | 6 | ||||||||||||||||||
Total earnings available for fixed charges | 398 | 425 | 503 | 754 | 723 | 478 | ||||||||||||||||||
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Ratio of earnings to fixed charges | 2.1x | 2.1x | 2.4x | 3.7x | 3.1x | 1.3x | ||||||||||||||||||
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