Exhibit 12.1
Pepco Holdings, Inc.
| For the Year Ended December 31, | ||||||||||||||||||||||||
| Three Months Ended March 31, 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
| (millions of dollars) | ||||||||||||||||||||||||
Income from continuing operations before extraordinary item (a) | $ | 63 | $ | 140 | $ | 221 | $ | 186 | $ | 254 | $ | 205 | ||||||||||||
Income tax expense (b) | 34 | 11 | 104 | 91 | 141 | 133 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest on long-term debt, amortization of discount, premium and expense | 65 | 315 | 348 | 311 | 315 | 307 | ||||||||||||||||||
Other interest | 6 | 22 | 23 | 24 | 25 | 19 | ||||||||||||||||||
Preferred dividend requirements of subsidiaries | — | — | — | — | — | 1 | ||||||||||||||||||
Total fixed charges | 71 | 337 | 371 | 335 | 340 | 327 | ||||||||||||||||||
Non-utility capitalized interest | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||
Income before extraordinary item, income tax expense, fixed charges and non-utility capitalized interest | $ | 168 | $ | 488 | $ | 696 | $ | 611 | $ | 735 | $ | 664 | ||||||||||||
Total fixed charges, shown above | 71 | 337 | 371 | 335 | 340 | 327 | ||||||||||||||||||
Increase preferred stock dividend requirements of subsidiaries to a pre-tax amount | — | — | — | — | — | 1 | ||||||||||||||||||
Fixed charges for ratio computation | $ | 71 | $ | 337 | $ | 371 | $ | 335 | $ | 340 | $ | 328 | ||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 2.37 | 1.45 | 1.88 | 1.82 | 2.16 | 2.02 | ||||||||||||||||||
| (a) | Excludes income/losses from equity investments. |
| (b) | Concurrent with the adoption of FASB guidance on taxes (ASC 740) in 2007, amount includes interest on uncertain tax positions. |