Exhibit 12.1
Exelon Corporation
Ratio of Earnings to Fixed Charges
2009 | 2010 | 2011 | 2012 | 2013 | 3 Months Ended March 31, 2014 | |||||||||||||||||||
Pre-tax income from continuing operations | 4,418 | 4,221 | 3,952 | 1,798 | 2,773 | 39 | ||||||||||||||||||
Plus: Loss from equity investees | 27 | — | 1 | 91 | (10 | ) | 19 | |||||||||||||||||
Less: Capitalized interest | (55 | ) | (43 | ) | (57 | ) | (75 | ) | (67 | ) | (20 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest | 4,390 | 4,178 | 3,896 | 1,814 | 2,696 | 38 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness | 761 | 836 | 761 | 1,055 | 1,470 | 256 | ||||||||||||||||||
Interest component of rental expense (a) | 230 | 241 | 237 | 310 | 269 | 76 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | 991 | 1,077 | 998 | 1,331 | 1,705 | 332 | ||||||||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest plus fixed charges | 5,381 | 5,255 | 4,894 | 3,145 | 4,401 | 370 | ||||||||||||||||||
Ratio of earnings to fixed charges | 5.4 | 4.9 | 4.9 | 2.3 | 2.6 | 1.1 |
(a) Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor.
Exelon Corporation
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
2009 | 2010 | 2011 | 2012 | 2013 | 3 Months Ended March 31, 2014 | |||||||||||||||||||
Pre-tax income from continuing operations | 4,418 | 4,221 | 3,952 | 1,798 | 2,773 | 39 | ||||||||||||||||||
Plus: Loss from equity investees | 27 | — | 1 | 91 | (10 | ) | 19 | |||||||||||||||||
Less: Capitalized interest | (55 | ) | (43 | ) | (57 | ) | (75 | ) | (67 | ) | (20 | ) | ||||||||||||
Preference security dividend requirements | (7 | ) | (7 | ) | (6 | ) | (26 | ) | (32 | ) | (1 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements | 4,383 | 4,171 | 3,890 | 1,788 | 2,664 | 37 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness | 761 | 836 | 761 | 1,055 | 1,470 | 256 | ||||||||||||||||||
Interest component of rental expense (a) | 230 | 241 | 237 | 310 | 269 | 76 | ||||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | 7 | 7 | 6 | 26 | 32 | 1 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | 998 | 1,084 | 1,004 | 1,357 | 1,737 | 333 | ||||||||||||||||||
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 | 5,381 | 5,255 | 4,894 | 3,145 | 4,401 | 370 | ||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 5.4 | 4.8 | 4.9 | 2.3 | 2.5 | 1.1 |
(a) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |