Exhibit 12.1
Exelon Corporation
Ratio of Earnings to Fixed Charges
| Years Ended December 31, | ||||||||||||||||||||
| 2009 | 2010 | 2011 | 2012 | 2013 | ||||||||||||||||
| Pre-tax income from continuing operations |
4,418 | 4,221 | 3,952 | 1,798 | 2,773 | |||||||||||||||
| Plus: Loss from equity investees |
27 | — | 1 | 91 | (10 | ) | ||||||||||||||
| Less: Capitalized interest |
(55 | ) | (43 | ) | (57 | ) | (75 | ) | (67 | ) | ||||||||||
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| Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest |
4,390 | 4,178 | 3,896 | 1,814 | 2,696 | |||||||||||||||
| Fixed Charges: |
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| Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness |
761 | 836 | 761 | 1,021 | 1,436 | |||||||||||||||
| Interest component of rental expense (a) |
230 | 241 | 237 | 310 | 269 | |||||||||||||||
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| Total fixed charges |
991 | 1,077 | 998 | 1,331 | 1,705 | |||||||||||||||
| Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest plus fixed charges |
5,381 | 5,255 | 4,894 | 3,145 | 4,401 | |||||||||||||||
| Ratio of earnings to fixed charges |
5.4 | 4.9 | 4.9 | 2.4 | 2.6 | |||||||||||||||
| (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, | ||||||||||||||||||||
| 2009 | 2010 | 2011 | 2012 | 2013 | ||||||||||||||||
| Pre-tax income from continuing operations |
4,418 | 4,221 | 3,952 | 1,798 | 2,773 | |||||||||||||||
| Plus: Loss from equity investees |
27 | — | 1 | 91 | (10 | ) | ||||||||||||||
| Less: Capitalized interest |
(55 | ) | (43 | ) | (57 | ) | (75 | ) | (67 | ) | ||||||||||
| Preference security dividend requirements |
(7 | ) | (7 | ) | (6 | ) | (26 | ) | (32 | ) | ||||||||||
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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 |
4,383 | 4,171 | 3,890 | 1,788 | 2,664 | |||||||||||||||
| Fixed Charges: |
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| Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness |
761 | 836 | 761 | 1,021 | 1,436 | |||||||||||||||
| Interest component of rental expense (a) |
230 | 241 | 237 | 310 | 269 | |||||||||||||||
| Preference security dividend requirements of consolidated subsidiaries |
7 | 7 | 6 | 26 | 32 | |||||||||||||||
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| Total fixed charges |
998 | 1,084 | 1,004 | 1,357 | 1,737 | |||||||||||||||
| 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 |
5,381 | 5,255 | 4,894 | 3,145 | 4,401 | |||||||||||||||
| Ratio of earnings to fixed charges and preferred stock dividends |
5.4 | 4.8 | 4.9 | 2.3 | 2.5 | |||||||||||||||