Exhibit 12.1
Exelon Corporation
Ratio of Earnings to Fixed Charges
Quarter | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
Years Ended December 31, | March 31, | |||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |||||||||||||||||||
Pre-tax income from continuing operations | 4,172 | 4,034 | 4,418 | 4,221 | 3,952 | 358 | ||||||||||||||||||
Plus: Loss from equity investees | 106 | 26 | 27 | — | 1 | 22 | ||||||||||||||||||
Less: Capitalized interest | (46 | ) | (33 | ) | (55 | ) | (43 | ) | (57 | ) | (15 | ) | ||||||||||||
Preference security dividend requirements of consolidated subsidiaries | (6 | ) | (6 | ) | (7 | ) | (7 | ) | (6 | ) | (3 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements | 4,226 | 4,021 | 4,383 | 4,171 | 3,890 | 362 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness (a) | 896 | 865 | 761 | 836 | 761 | 205 | ||||||||||||||||||
Interest component of rental expense (b) | 290 | 289 | 230 | 241 | 237 | 49 | ||||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | 6 | 6 | 7 | 7 | 6 | 3 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | 1,192 | 1,160 | 998 | 1,084 | 1,004 | 257 | ||||||||||||||||||
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 | 5,418 | 5,181 | 5,381 | 5,255 | 4,894 | 619 | ||||||||||||||||||
Ratio of earnings to fixed charges | 4.5 | 4.5 | 5.4 | 4.8 | 4.9 | 2.4 |
(a) | Includes interest expense of $4 million for the quarter ended March 31, 2012 and $1 million, $109 million, $7 million, $0 and $13 million for the years ended December 31, 2011, 2010, 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. |