Louisville Gas & Electric 10-Q 2015 Q1 Quarterly report

Exhibit 12(a)
PPL CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Millions of Dollars)
						3 Months
						Ended
						March 31,		Years Ended December 31,
						2015		2014(a)		2013(a)		2012(a)		2011(a)		2010(a)
Earnings, as defined:
		Income from Continuing Operations Before
			Income Taxes (b)			$	915	$	2,364	$	1,260	$	2,009	$	2,050	$	1,218
		Adjustment to reflect earnings from equity method
			investments on a cash basis (c)				(2)						34		1		7
							913		2,364		1,260		2,043		2,051		1,225
		Total fixed charges as below					258		1,095		1,096		1,065		1,022		698
				Less:
				Capitalized interest			6		33		46		43		42		24
				Preferred security distributions of subsidiaries
					on a pre-tax basis								5		23		21
				Interest expense and fixed charges related to
					discontinued operations				10		14		12		6		34
		Total fixed charges included in Income from
			Continuing Operations Before Income Taxes				252		1,052		1,036		1,005		951		619
				Total earnings		$	1,165	$	3,416	$	2,296	$	3,048	$	3,002	$	1,844
Fixed charges, as defined:
		Interest charges (d)				$	255	$	1,073	$	1,058	$	1,019	$	955	$	637
		Estimated interest component of operating rentals					3		22		38		41		44		39
		Preferred security distributions of subsidiaries
			on a pre-tax basis										5		23		21
		Fixed charges of majority-owned share of 50% or
			less-owned persons														1
				Total fixed charges (e)		$	258	$	1,095	$	1,096	$	1,065	$	1,022	$	698
Ratio of earnings to fixed charges							4.5		3.1		2.1		2.9		2.9		2.6
Ratio of earnings to combined fixed charges and
	preferred stock dividends (f)						4.5		3.1		2.1		2.9		2.9		2.6

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