Exhibit 12.5
BGE
Ratio of Earnings to Fixed Charges
2009 | 2010 | 2011 | 2012 | 2013 | 3 Months Ended March 31, 2014 | |||||||||||||||||||
Pre-tax income from continuing operations | 155 | 244 | 211 | 11 | 344 | 146 | ||||||||||||||||||
Less: Capitalized interest | (4 | ) | (6 | ) | (7 | ) | (5 | ) | (6 | ) | (2 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest | 151 | 238 | 204 | 6 | 338 | 144 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness | 148 | 137 | 136 | 149 | 127 | 29 | ||||||||||||||||||
Interest component of rental expense (a) | 5 | 4 | 5 | 4 | 4 | 1 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | 153 | 141 | 141 | 153 | 131 | 30 | ||||||||||||||||||
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 | 304 | 379 | 345 | 159 | 469 | 174 | ||||||||||||||||||
Ratio of earnings to fixed charges | 2.0 | 2.7 | 2.4 | 1.0 | 3.6 | 5.8 |
(a) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |
BGE
Ratio of Earnings to Fixed Charges and Preference Stock Dividends
2009 | 2010 | 2011 | 2012 | 2013 | 3 Months Ended March 31, 2014 | |||||||||||||||||||
Pre-tax income from continuing operations | 155 | 244 | 211 | 11 | 344 | 146 | ||||||||||||||||||
Less: Capitalized interest | (4 | ) | (6 | ) | (7 | ) | (5 | ) | (6 | ) | (2 | ) | ||||||||||||
Preference security dividend requirements | (22 | ) | (20 | ) | (20 | ) | (20 | ) | (21 | ) | (5 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest | 129 | 218 | 184 | (14 | ) | 317 | 139 | |||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness | 148 | 137 | 136 | 149 | 127 | 29 | ||||||||||||||||||
Interest component of rental expense (a) | 5 | 4 | 5 | 4 | 4 | 1 | ||||||||||||||||||
Preference security dividend requirements | 22 | 20 | 20 | 20 | 21 | 5 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | 175 | 161 | 161 | 173 | 152 | 35 | ||||||||||||||||||
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 | 304 | 379 | 345 | 159 | 469 | 174 | ||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 1.7 | 2.4 | 2.1 | 0.9 | (b) | 3.1 | 5.0 |
(a) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |
(b) | The ratio coverage was less than 1:1. The registrant must generate additional earnings of $14 million to achieve a coverage ratio of 1:1. |