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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| Nine Months |
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| Ended September 30, |
| Years Ended December 31, | ||||||||||||||
(in millions) | 2013 |
| 2012 (a) |
| 2011 |
| 2010 |
| 2009 |
| 2008 | ||||||||
Earnings as defined for fixed charges calculation |
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Add: |
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| Pretax income from continuing operations(b) | $ | 2,827 |
| $ | 2,291 |
| $ | 2,297 |
| $ | 2,097 |
| $ | 1,770 |
| $ | 1,993 | |
| Fixed charges |
| 1,294 |
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| 1,510 |
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| 1,057 |
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| 1,045 |
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| 892 |
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| 883 | |
| Distributed income of equity investees |
| 73 |
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| 151 |
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| 149 |
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| 111 |
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| 82 |
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| 195 | |
Deduct: |
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| Preferred dividend requirements of subsidiaries |
| ― |
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| 3 |
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| ― |
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| ― |
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| ― |
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| ― | |
| Interest capitalized(c) |
| 69 |
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| 177 |
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| 166 |
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| 168 |
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| 102 |
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| 93 | |
Total earnings | $ | 4,125 |
| $ | 3,772 |
| $ | 3,337 |
| $ | 3,085 |
| $ | 2,642 |
| $ | 2,978 | ||
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Fixed charges: |
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| Interest on debt, including capitalized portions(b) | $ | 1,196 |
| $ | 1,420 |
| $ | 1,026 |
| $ | 1,008 |
| $ | 853 |
| $ | 834 | |
| Estimate of interest within rental expense |
| 98 |
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| 87 |
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| 31 |
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| 37 |
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| 39 |
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| 49 | |
| Preferred dividend requirements |
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| 3 |
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| ― |
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Total fixed charges | $ | 1,294 |
| $ | 1,510 |
| $ | 1,057 |
| $ | 1,045 |
| $ | 892 |
| $ | 883 | ||
Ratio of earnings to fixed charges |
| 3.2 |
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| 2.5 |
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| 3.2 |
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| 3.0 |
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| 3.0 |
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| 3.4 | ||
Ratio of earnings to fixed charges and preferred dividends combined(d) |
| 3.2 |
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| 2.5 |
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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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(a) | Includes the results of Progress Energy, Inc. beginning on July 2, 2012 | ||||||||||||||||||
(b) | Excludes amounts attributable to noncontrolling interests and income or loss from equity investees. | ||||||||||||||||||
(c) | 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. | ||||||||||||||||||
(d) | For all periods presented, Duke Energy Corporation had no preferred stock outstanding |