Exhibit 12.1
Exelon Corporation
Ratio of Earnings to Fixed Charges
Years Ended December 31, | |||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | |||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees and minority interest | 1,895 | 2,796 | 4,172 | 4,034 | 4,418 | ||||||||||
Plus: Loss from equity investees | 134 | 111 | 106 | 26 | 27 | ||||||||||
Less: Capitalized interest | (15 | ) | (34 | ) | (46 | ) | (33 | ) | (55 | ) | |||||
Preference security dividend requirements of consolidated subsidiaries | (8 | ) | (7 | ) | (6 | ) | (6 | ) | (7 | ) | |||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, minority interest, capitalized interest and preference security dividend requirements | 2,006 | 2,866 | 4,226 | 4,021 | 4,383 | ||||||||||
Fixed charges: | |||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness | 844 | 914 | 896 | 865 | 761 | (a) | |||||||||
Interest component of rental expense (b) | 277 | 251 | 290 | 289 | 230 | ||||||||||
Preference security dividend requirements of consolidated subsidiaries | 8 | 7 | 6 | 6 | 7 | ||||||||||
Total fixed charges | 1,129 | 1,172 | 1,192 | 1,160 | 998 | ||||||||||
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 | 3,135 | 4,038 | 5,418 | 5,181 | 5,381 | ||||||||||
Ratio of earnings to fixed charges | 2.8 | 3.4 | 4.5 | 4.5 | 5.4 |
(a) | Includes interest expense of $7 million, $0 and $13 million for the years ended December 31, 2009, 2008 and 2007, respectively, related to uncertain income tax positions. |
(b) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |