Exhibit 12.6
PECO Energy Company
Computation of Earnings to Fixed Charges
Years Ended December 31, | Quarter Ended March 31, 2012 | |||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||||||||||||
Pre-tax income from continuing operations | 737 | 475 | 499 | 476 | 535 | 148 | ||||||||||||||||||
Plus: Loss from equity investees | 7 | 16 | 24 | 0 | 0 | 0 | ||||||||||||||||||
Less: Capitalized Interest | (3 | ) | (3 | ) | (2 | ) | (4 | ) | (4 | ) | (1 | ) | ||||||||||||
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Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest | 741 | 488 | 521 | 472 | 531 | 147 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense and amortization of debt discount and premium on all indebtedness (a) | 251 | 229 | 185 | 193 | 135 | 31 | ||||||||||||||||||
Interest component of rental expense(b) | 6 | 9 | 9 | 10 | 9 | 3 | ||||||||||||||||||
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257 | 238 | 194 | 203 | 144 | 34 | |||||||||||||||||||
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 | 998 | 726 | 715 | 675 | 675 | 181 | ||||||||||||||||||
Ratio of earnings to fixed charges | 3.9 | 3.1 | 3.7 | 3.3 | 4.7 | 5.3 |
(a) | Includes interest expense of $0 for the quarter ended March 31, 2012 and $0, $35 million, $0, $0 and $0 million for the years ended December 31, 2011, 2010, 2009, 2008 and 2007, respectively, related to uncertain income tax positions. |
(b) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |
PECO Energy Company
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Quarter | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
Years Ended December 31, | March 31, | |||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |||||||||||||||||||
Pre-tax income from continuing operations | 737 | 475 | 499 | 476 | 535 | 148 | ||||||||||||||||||
Plus: Loss from equity investees | 7 | 16 | 24 | — | — | — | ||||||||||||||||||
Less: Capitalized interest | (3 | ) | (3 | ) | (2 | ) | (4 | ) | (4 | ) | (1 | ) | ||||||||||||
Preference security dividend requirements | (6 | ) | (6 | ) | (6 | ) | (6 | ) | (6 | ) | (2 | ) | ||||||||||||
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Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements | 735 | 482 | 515 | 466 | 525 | 145 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness (a) | 251 | 229 | 185 | 193 | 135 | 31 | ||||||||||||||||||
Interest component of rental expense (b) | 6 | 9 | 9 | 10 | 9 | 3 | ||||||||||||||||||
Preference security dividend requirements | 6 | 6 | 6 | 6 | 6 | 2 | ||||||||||||||||||
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Total fixed charges | 263 | 244 | 200 | 209 | 150 | 36 | ||||||||||||||||||
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 | 998 | 726 | 715 | 675 | 675 | 181 | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 3.8 | 3.0 | 3.6 | 3.2 | 4.5 | 5.1 |
(a) | Includes interest expense of $0 for the quarter ended March 31, 2012 and $0, $35 million, $0, $0 and $0 million for the years ended December 31, 2011, 2010, 2009, 2008 and 2007, respectively, related to uncertain income tax positions. |
(b) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |