EX-12 2 cercexhibit12_12312014.htm EXHIBIT 12 CERC Exhibit 12_12.31.2014


Exhibit 12

 
CENTERPOINT ENERGY RESOURCES CORP. AND SUBSIDIARIES
(An Indirect Wholly Owned Subsidiary of CenterPoint Energy, Inc.)

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)

 
Year Ended December 31,
 
2014 (1)
 
2013 (1)
 
2012 (1)
 
2011 (1)
 
2010 (1)
 
 
 
 
 
 
 
 
 
 
Net Income
$
323

 
$
64

 
$
137

 
$
316

 
$
300

Equity in earnings of unconsolidated affiliates, net of distributions
(2
)
 
(58
)
 
8

 
8

 
13

Income taxes
188

 
371

 
246

 
187

 
187

Capitalized interest
(1
)
 
(1
)
 
(2
)
 
—

 
(7
)
 
508

 
376

 
389

 
511

 
493

 
 

 
 

 
 

 
 

 
 

Fixed charges, as defined:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Interest
141

 
154

 
179

 
190

 
208

Capitalized interest
1

 
1

 
2

 
—

 
7

Interest component of rentals charged to operating expense
3

 
6

 
9

 
14

 
25

Total fixed charges
145

 
161

 
190

 
204

 
240

 
 

 
 

 
 

 
 

 
 

Earnings, as defined
$
653

 
$
537

 
$
579

 
$
715

 
$
733

 
 

 
 

 
 

 
 

 
 

Ratio of earnings to fixed charges
4.50

 
3.34

 
3.05

 
3.50

 
3.05

         ___________
(1)
Excluded from the computation of fixed charges for the years ended December 31, 2014, 2013, 2012, 2011 and 2010 is interest income of $-0-, $3 million, $3 million, $-0- and $1 million, respectively, which is included in income tax expense.