EX-12.3 4 duk-20140930x10qxexx123.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - PROGRESS ENERGY, INC. DUK-2014.09.30-10Q-Ex-12.3
EXHIBIT 12.3


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - PROGRESS ENERGY
The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.
 
Nine Months Ended September 30,
 
Years Ended December 31,
(in millions)
2014
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings as defined for fixed charges calculation
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations(a)
 
$
1,182

 
$
1,029

 
$
527

 
$
910

 
$
1,406

 
$
1,237

Fixed charges
 
589

 
872

 
884

 
827

 
846

 
813

Deduct:
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income attributable to noncontrolling interests of subsidiaries that have not incurred fixed charges
 

 

 
2

 
3

 
3

 

Preference security dividend requirements of consolidated subsidiaries
 

 

 
6

 
6

 
7

 
7

Total earnings
 
$
1,771


$
1,901


$
1,403


$
1,728


$
2,242


$
2,043

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest on debt, including capitalized portions
 
$
510

 
$
772

 
$
782

 
$
769

 
$
788

 
$
774

Estimate of interest within rental expense
 
79

 
100

 
96

 
52

 
51

 
32

Preference security dividend requirements of consolidated subsidiaries
 

 

 
6

 
6

 
7

 
7

Total fixed charges
 
$
589

 
$
872

 
$
884

 
$
827

 
$
846

 
$
813

Ratio of earnings to fixed charges
 
3.0

 
2.2


1.6


2.1


2.7


2.5

Ratio of earnings to fixed charges and preferred dividends combined(b)
 
3.0

 
2.2

 
1.6

 
2.1

 
2.7

 
2.5

(a)
Excludes amounts attributable to noncontrolling interests and income or loss from equity investees.
(b)    For all periods presented, Progress Energy, Inc. had no preferred stock outstanding.