Exhibit 12.3
Delmarva Power & Light Company
Nine Months Ended September 30, 2010 | For the Year Ended December 31, | |||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||
Net income | $ | 29 | $ | 52 | $ | 68 | $ | 45 | $ | 43 | $ | 75 | ||||||||||||
Income tax expense (a) | 23 | 16 | 45 | 37 | 32 | 58 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest on long-term debt, amortization of discount, premium and expense | 34 | 45 | 41 | 44 | 41 | 35 | ||||||||||||||||||
Other interest | 2 | 2 | 2 | 2 | 3 | 3 | ||||||||||||||||||
Total fixed charges | 36 | 47 | 43 | 46 | 44 | 38 | ||||||||||||||||||
Income before income tax expense, and fixed charges | $ | 88 | $ | 115 | $ | 156 | $ | 128 | $ | 119 | $ | 171 | ||||||||||||
Ratio of earnings to fixed charges | 2.44 | 2.45 | 3.63 | 2.78 | 2.70 | 4.48 | ||||||||||||||||||
Total fixed charges, shown above | 36 | 47 | 43 | 46 | 44 | 38 | ||||||||||||||||||
Preferred dividend requirements, adjusted to a pre-tax amount | — | — | — | — | 1 | 2 | ||||||||||||||||||
Total fixed charges and preferred dividends | $ | 36 | $ | 47 | $ | 43 | $ | 46 | $ | 45 | $ | 40 | ||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 2.44 | 2.45 | 3.63 | 2.78 | 2.62 | 4.28 | ||||||||||||||||||
(a) | Concurrent with the adoption of FASB guidance on taxes (ASC 740) in 2007, amount includes interest on uncertain tax positions. |