EX-12.1 7 c05244exv12w1.htm STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12-1
Commonwealth Edison Company and Subsidiary Companies Consolidated
Computation of Ratios of Earnings to Fixed Charges
and Ratios of Earnings to Fixed Charges and
Preferred and Preference Stock Dividend Requirements
(Thousands of Dollars)
                                                         
                                            Three Months  
    Year Ended December 31,     Ended June 30,  
Line   2001     2002     2003     2004     2005     2005     2006  
Net income
   $ 606,872     $ 790,343     $ 701,756     $ 676,763     $ (675,687 )   $ 70,194     $ 54,535  
 
                                          
 
                                                        
Net provisions for income taxes and investment tax credits deferred charged to — Operations and other income
   $ 503,398     $ 506,079     $ 465,026     $ 457,225     $ 362,530     $ 45,931     $ 36,392  
 
                                          
 
   $ 503,398     $ 506,079     $ 465,026     $ 457,225     $ 362,530     $ 45,931     $ 36,392  
 
                                          
 
                                                        
Fixed charges — Interest on debt, including amortization of debt discount, premium and expense
   $ 554,732     $ 480,310     $ 429,243     $ 368,509     $ 297,595     $ 74,722     $ 78,188  
 
                                                        
Estimated interest component of nuclear fuel and other lease payments, rental and other interest
     5,725       8,413       5,971       6,093       6,225       1,248       1,879  
Preferred securities dividend requirements of subsidiary trusts
     29,710       29,710       26,455       —       —       —       —  
 
                                          
 
   $ 590,167     $ 518,433     $ 461,669     $ 374,602     $ 303,820     $ 75,970     $ 80,067  
 
                                          
 
                                                        

 

 

                                                         
                                            Three Months  
    Year Ended December 31,     Ended June 30,  
Line   2001     2002     2003     2004     2005     2005     2006  
Preferred and preference stock dividend requirements — Provisions for preferred and preference stock dividends
   $ —     $ —     $ —     $ —     $ —     $ —     $ —  
 
                                                        
Taxes on income required to meet provisions for preferred and preference stock dividends
     —       —       —       —       —       —       —  
 
                                          
 
   $ —     $ —     $ —     $ —     $ —     $ —     $ —  
 
                                          
 
                                                        
Fixed charges and preferred and preference stock dividend requirements
   $ 590,167     $ 518,433     $ 461,669     $ 374,602     $ 303,820     $ 75,970     $ 80,067  
 
                                          
Earned for fixed charges and preferred and preference stock dividend requirements
   $ 1,697,187     $ 1,806,575     $ 1,622,432     $ 1,508,625     $ (11,553 )   $ 191,848     $ 168,737  
 
                                          
 
                                                        
Ratio of earnings to — Fixed charges (line 51 divided by line 25)
     2.88       3.48       3.51       4.03     Neg. (a)     2.53       2.11  
 
                                          
 
(a)   For purposes of the ratio calculation, the deficiency in our earnings to achieve a one-to-one ratio of earnings to fixed charges for 2005 was approximately $315 million. Our earnings for 2005 were negatively impacted by a $1.2 billion non-deductible, non-cash impairment charge we took related to the goodwill originally recorded on our books in connection with our former parent’s merger with PECO Energy Company. For purposes of calculating our ratio of earnings to fixed charges for the twelve-month ended December 31, 2005, fixed charges were approximately $304 million.

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