EXHIBIT 12 | |||||||||||||||||||
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES – DUKE ENERGY CORPORATION | |||||||||||||||||||
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The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines. | |||||||||||||||||||
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| Six Months |
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| Ended June 30, |
| Years Ended December 31, | ||||||||||||||
(in millions) | 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 | ||||||||
Earnings as defined for fixed charges calculation |
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Add: |
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| Pretax income from continuing operations(a) | $ | 970 |
| $ | 2,297 |
| $ | 2,097 |
| $ | 1,770 |
| $ | 1,993 |
| $ | 2,078 | |
| Fixed charges |
| 544 |
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| 1,057 |
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| 1,045 |
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| 892 |
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| 883 |
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| 797 | |
| Distributed income of equity investees |
| 81 |
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| 149 |
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| 111 |
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| 82 |
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| 195 |
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| 147 | |
Deduct: |
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| Interest capitalized(b) |
| 74 |
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| 166 |
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| 168 |
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| 102 |
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| 93 |
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| 71 | |
Total earnings | $ | 1,521 |
| $ | 3,337 |
| $ | 3,085 |
| $ | 2,642 |
| $ | 2,978 |
| $ | 2,951 | ||
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Fixed charges: |
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| Interest on debt, including capitalized portions(b) | $ | 530 |
| $ | 1,026 |
| $ | 1,008 |
| $ | 853 |
| $ | 834 |
| $ | 756 | |
| Estimate of interest within rental expense |
| 14 |
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| 31 |
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| 37 |
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| 39 |
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| 49 |
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| 41 | |
Total fixed charges | $ | 544 |
| $ | 1,057 |
| $ | 1,045 |
| $ | 892 |
| $ | 883 |
| $ | 797 | ||
Ratio of earnings to fixed charges |
| 2.8 |
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| 3.2 |
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| 3.0 |
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| 3.0 |
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| 3.4 |
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| 3.7 | ||
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(a) | Excludes amounts attributable to noncontrolling interests and income or loss from equity investees. | ||||||||||||||||||
(b) | Excludes the equity costs related to Allowance for Funds Used During Construction that are included in Other Income and Expenses in the Condensed Consolidated Statements of Operations. | ||||||||||||||||||
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