Exhibit 12(a)
ENERGY FUTURE HOLDINGS CORP.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES,
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS
Successor | Predecessor | |||||||||||||||||||||||
2008 | Period from October 11, 2007 through December 31, 2007 | Period from January 1, 2007 through October 10, 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
(millions of dollars, except ratios) | ||||||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||
Income (loss) from continuing operations before extraordinary gain/(loss) and cumulative effect of changes in accounting principles | $ | (9,998 | ) | $ | (1,361 | ) | $ | 699 | $ | 2,465 | $ | 1,775 | $ | 81 | ||||||||||
Add: | Total federal income tax expense (benefit) | (471 | ) | (673 | ) | 309 | 1,263 | 632 | 42 | |||||||||||||||
Fixed charges (see detail below) | 5,280 | 905 | 777 | 907 | 856 | 761 | ||||||||||||||||||
Preferred dividends of subsidiaries | — | — | — | — | 3 | 2 | ||||||||||||||||||
Total earnings (loss) | $ | (5,189 | ) | $ | (1,129 | ) | $ | 1,785 | $ | 4,635 | $ | 3,266 | $ | 886 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest expense | $ | 5,246 | $ | 899 | $ | 750 | $ | 877 | $ | 817 | $ | 705 | ||||||||||||
Rentals representative of the interest factor | 34 | 6 | 27 | 30 | 39 | 56 | ||||||||||||||||||
Fixed charges deducted from earnings | 5,280 | 905 | 777 | 907 | 856 | 761 | ||||||||||||||||||
Preferred dividends of subsidiaries (pretax) (a) | — | — | — | — | 4 | 3 | ||||||||||||||||||
Total fixed charges | 5,280 | 905 | 777 | 907 | 860 | 764 | ||||||||||||||||||
Preference dividends of registrant (pretax) (a) | — | — | — | — | 14 | 33 | ||||||||||||||||||
Fixed charges and preference dividends | $ | 5,280 | $ | 905 | $ | 777 | $ | 907 | $ | 874 | $ | 797 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES (b) | — | — | 2.30 | 5.11 | 3.80 | 1.16 | ||||||||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS (b) | — | — | 2.30 | 5.11 | 3.74 | 1.11 | ||||||||||||||||||
(a) | Preferred/preference dividends multiplied by the ratio of pretax income to net income. |
(b) | Fixed charges and combined fixed charges and preference dividends exceeded earnings by $10.469 billion and $2.034 billion for the year ended December 31, 2008 and for the period from October 11, 2007 through December 31, 2007, respectively. |
Successor | |||||||||
Six Months Ended June 30, | |||||||||
2009 | 2008 | ||||||||
(millions of dollars, except ratios) | |||||||||
EARNINGS: | |||||||||
Net income (loss) | $ | 315 | $ | (4,600 | ) | ||||
Add: | Total federal income tax expense (benefit) | 285 | (2,463 | ) | |||||
Fixed charges (see detail below) | 1,290 | 1,840 | |||||||
Preferred dividends of subsidiaries | — | — | |||||||
Total earnings (loss) | $ | 1,890 | $ | (5,223 | ) | ||||
FIXED CHARGES: | |||||||||
Interest expense | $ | 1,273 | $ | 1,823 | |||||
Rentals representative of the interest factor | 17 | 17 | |||||||
Fixed charges deducted from earnings | 1,290 | 1,840 | |||||||
Preferred dividends of subsidiaries (pretax) (a) | — | — | |||||||
Total fixed charges | 1,290 | 1,840 | |||||||
Preference dividends of registrant (pretax) (a) | — | — | |||||||
Fixed charges and preference dividends | $ | 1,290 | $ | 1,840 | |||||
RATIO OF EARNINGS TO FIXED CHARGES (b) | 1.47 | — | |||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS (b) | 1.47 | — | |||||||
(a) | Preferred/preference dividends multiplied by the ratio of pretax income to net income. |
(b) | Fixed charges and combined fixed charges and preference dividends exceeded earnings by $7.063 billion for the six months ended June 30, 2008. |