EXHIBIT 12.1
Exelon Corporation
Ratio of Earnings to Fixed Charges
Years Ended December 31, | Nine Months September 30, 2007 | |||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | ||||||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees and minority interest | 2,693 | 1,286 | 2,577 | 1,895 | 2,796 | 3,270 | ||||||||||||
Plus: (Income) or loss from equity investees | (86 | ) | (33 | ) | 154 | 134 | 111 | 89 | ||||||||||
Less: Capitalized interest | (28 | ) | (22 | ) | (12 | ) | (15 | ) | (34 | ) | (34 | ) | ||||||
Preference security dividend requirements of consolidated subsidiaries | (13 | ) | (7 | ) | (4 | ) | (8 | ) | (7 | ) | (5 | ) | ||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, minority interest, capitalized interest and preference security dividend requirements | 2,566 | 1,224 | 2,715 | 2,006 | 2,866 | 3,320 | ||||||||||||
Fixed charges: | ||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtness | 983 | 895 | 841 | 844 | 914 | 672 | (a) | |||||||||||
Interest component of rental expense (b) | 167 | 204 | 232 | 277 | 251 | 212 | ||||||||||||
Distributions on mandatorily redeemable preferred securities | 37 | 34 | — | — | — | — | ||||||||||||
Preference security dividend requirements of consolidated subsidiaries | 13 | 7 | 4 | 8 | 7 | 5 | ||||||||||||
Total fixed charges | 1,200 | 1,141 | 1,077 | 1,129 | 1,172 | 889 | ||||||||||||
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 | 3,766 | 2,364 | 3,792 | 3,135 | 4,038 | 4,209 | ||||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends | 3.1 | 2.1 | 3.5 | 2.8 | 3.4 | 4.7 |
(a) | Includes interest expense of $14 million related to uncertain income tax positions accounted for under Financial Accounting Standards Board Interpretation No. 48, which was adopted on January 1, 2007. |
(b) | Represents one-third of rental expense relating to operating leases. |