Exhibit 12.1
Exelon Corporation
Ratio of Earnings to Fixed Charges
Years Ended December 31, | ||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||
Pre-tax income from continuing operations |
1,798 | 2,773 | 2,486 | 3,330 | 1,989 | |||||||||||||||
Plus: Loss (income) from equity investees |
91 | (10 | ) | 20 | — | — | ||||||||||||||
Less: Capitalized interest |
(75 | ) | (67 | ) | (79 | ) | (99 | ) | (142 | ) | ||||||||||
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Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest |
1,814 | 2,696 | 2,427 | 3,231 | 1,847 | |||||||||||||||
Fixed Charges: |
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Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness |
1,021 | 1,436 | 1,110 | 1,107 | 1,651 | |||||||||||||||
Interest component of rental expense (a) |
310 | 269 | 288 | 300 | 259 | |||||||||||||||
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Total fixed charges |
1,331 | 1,705 | 1,398 | 1,407 | 1,910 | |||||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest plus fixed charges |
3,145 | 4,401 | 3,825 | 4,638 | 3,757 | |||||||||||||||
Ratio of earnings to fixed charges |
2.4 | 2.6 | 2.7 | 3.3 | 2.0 |
(a) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |
Exelon Corporation
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Years Ended December 31, | ||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||
Pre-tax income from continuing operations |
1,798 | 2,773 | 2,486 | 3,330 | 1,989 | |||||||||||||||
Plus: Loss (income) from equity investees |
91 | (10 | ) | 20 | — | — | ||||||||||||||
Less: Capitalized interest |
(75 | ) | (67 | ) | (79 | ) | (99 | ) | (142 | ) | ||||||||||
Preference security dividend requirements |
(26 | ) | (32 | ) | (18 | ) | (19 | ) | (13 | ) | ||||||||||
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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 |
1,788 | 2,664 | 2,409 | 3,212 | 1,834 | |||||||||||||||
Fixed Charges: |
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Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness |
1,021 | 1,436 | 1,110 | 1,107 | 1,651 | |||||||||||||||
Interest component of rental expense (a) |
310 | 269 | 288 | 300 | 259 | |||||||||||||||
Preference security dividend requirements of consolidated subsidiaries |
26 | 32 | 18 | 19 | 13 | |||||||||||||||
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Total fixed charges |
1,357 | 1,737 | 1,416 | 1,426 | 1,923 | |||||||||||||||
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 |
3,145 | 4,401 | 3,825 | 4,638 | 3,757 | |||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends |
2.3 | 2.5 | 2.7 | 3.3 | 2.0 |
(a) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |