Exhibit 12.1
PECO Energy Company
Ratio of Earnings to Combined Fixed Charges
Six Months | ||||||||||||||||||||||||
Years Ended December 31, | Ended June 30, | |||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |||||||||||||||||||
Pre-tax income from continuing operations before adjustment | $ | 499 | $ | 476 | $ | 535 | $ | 508 | $ | 557 | $ | 230 | ||||||||||||
Plus: Loss from equity investees | 24 | — | — | — | — | — | ||||||||||||||||||
Less: Capitalized interest | (2 | ) | (4 | ) | (4 | ) | (2 | ) | (2 | ) | (3 | ) | ||||||||||||
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Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest | $ | 521 | $ | 472 | $ | 531 | $ | 506 | $ | 555 | $ | 227 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtness | $ | 185 | $ | 193 | $ | 135 | $ | 122 | $ | 114 | $ | 58 | ||||||||||||
Interest component of rental expense (a) | 9 | 10 | 9 | 9 | 7 | 4 | ||||||||||||||||||
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Total fixed charges | 194 | 203 | 144 | 131 | 121 | 62 | ||||||||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest plus fixed charges | $ | 715 | $ | 675 | $ | 675 | $ | 637 | $ | 676 | $ | 289 | ||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 3.7 | 3.3 | 4.7 | 4.9 | 5.6 | 4.7 |
(a) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |
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