Exhibit 12.1
BGE
Ratio of Earnings to Fixed Charges
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||||||||||||||||
Pre-tax income from continuing operations | 211 | 11 | 344 | 351 | 477 | 208 | ||||||||||||||||||
Less: Capitalized interest | (7 | ) | (5 | ) | (6 | ) | (12 | ) | (14 | ) | (7 | ) | ||||||||||||
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Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest | 204 | 6 | 338 | 339 | 453 | 201 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness | 136 | 149 | 127 | 118 | 113 | 55 | ||||||||||||||||||
Interest component of rental expense (a) | 5 | 4 | 4 | 4 | 11 | 2 | ||||||||||||||||||
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Total fixed charges | 141 | 153 | 131 | 122 | 124 | 57 | ||||||||||||||||||
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 | 345 | 159 | 469 | 461 | 587 | 258 | ||||||||||||||||||
Ratio of earnings to fixed charges | 2.4 | 1.0 | 3.6 | 3.8 | 4.7 | 4.5 |
(a) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |