Exhibit 12(c)
ENERGY FUTURE COMPETITIVE HOLDINGS COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES,
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS
| Successor | Predecessor | |||||||||||||||||||||||
| Year Ended December 31, 2008 |
Period from October 11, 2007 through December 31, 2007 |
Period from January 1, 2007 through October 10, 2007 |
Year Ended December 31, | |||||||||||||||||||||
| 2006 | 2005 | 2004 | ||||||||||||||||||||||
| (millions of dollars, except ratios) | ||||||||||||||||||||||||
| EARNINGS: |
||||||||||||||||||||||||
| Income (loss) from continuing operations before extraordinary gain/(loss) and cumulative effect of changes in accounting principles |
$ | (9,039 | ) | $ | (1,266 | ) | $ | 1,306 | $ | 2,501 | $ | 1,816 | $ | 672 | ||||||||||
| Add: |
Total federal income tax expense (benefit) |
(504 | ) | (675 | ) | 618 | 1,306 | 882 | 282 | |||||||||||||||
| Fixed charges (see detail below) |
4,518 | 715 | 394 | 387 | 668 | 651 | ||||||||||||||||||
| Preferred dividends of subsidiaries | — | — | — | — | — | — | ||||||||||||||||||
| Total earnings (loss) |
$ | (5,025 | ) | $ | (1,226 | ) | $ | 2,318 | $ | 4,194 | $ | 3,366 | $ | 1,605 | ||||||||||
| FIXED CHARGES: |
||||||||||||||||||||||||
| Interest expense |
$ | 4,492 | $ | 709 | $ | 370 | $ | 364 | $ | 633 | $ | 607 | ||||||||||||
| Rentals representative of the interest factor |
26 | 6 | 24 | 23 | 35 | 44 | ||||||||||||||||||
| Fixed charges deducted from earnings |
4,518 | 715 | 394 | 387 | 668 | 651 | ||||||||||||||||||
| Preferred dividends of subsidiaries (pretax) (a) |
— | — | — | — | — | — | ||||||||||||||||||
| Total fixed charges |
4,518 | 715 | 394 | 387 | 668 | 651 | ||||||||||||||||||
| Preference dividends of registrant (pretax) (a) |
— | — | — | — | 4 | 3 | ||||||||||||||||||
| Fixed charges and preference dividends |
$ | 4,518 | $ | 715 | $ | 394 | $ | 387 | $ | 672 | $ | 654 | ||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES (b) |
— | — | 5.88 | 10.84 | 5.04 | 2.47 | ||||||||||||||||||
| RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS (b) |
— | — | 5.88 | 10.84 | 5.01 | 2.45 | ||||||||||||||||||
| (a) | Preferred/preference dividends multiplied by the ratio of pretax income to net income. |
| (b) | Fixed charges and combined fixed charges and preference dividends exceeded earnings by $9.543 billion for the year ended December 31, 2008. Fixed charges and combined fixed charges and preference dividends exceeded earnings by $1.941 billion for the period from October 11, 2007 through December 31, 2007. |
| Successor | |||||||||
| Nine Months Ended September 30, | |||||||||
| 2009 | 2008 | ||||||||
| (millions of dollars, except ratios) | |||||||||
| EARNINGS: |
|||||||||
| Net income (loss) from continuing operations |
$ | 347 | $ | (943 | ) | ||||
| Add: |
Total federal income tax expense (benefit) |
259 | (493 | ) | |||||
| Fixed charges (see detail below) |
1,816 | 2,197 | |||||||
| Preferred dividends of subsidiaries |
— | — | |||||||
| Total earnings (loss) |
$ | 2,422 | $ | 761 | |||||
| FIXED CHARGES: |
|||||||||
| Interest expense |
$ | 1,798 | $ | 2,177 | |||||
| Rentals representative of the interest factor |
18 | 20 | |||||||
| Fixed charges deducted from earnings |
1,816 | 2,197 | |||||||
| Preferred dividends of subsidiaries (pretax) (a) |
— | — | |||||||
| Total fixed charges |
1,816 | 2,197 | |||||||
| Preference dividends of registrant (pretax) (a) |
— | — | |||||||
| Fixed charges and preference dividends |
$ | 1,816 | $ | 2,197 | |||||
| RATIO OF EARNINGS TO FIXED CHARGES (b) |
1.33 | — | |||||||
| RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS (b) |
1.33 | — | |||||||
| (a) | Preferred/preference dividends multiplied by the ratio of pretax income to net income. |
| (b) | Fixed charges and combined fixed charges and preference dividends exceeded earnings by $1.436 billion for the nine months ended September 30, 2008. |