EX-12.1 3 duk-20151231x10kxexx121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - DUKE ENERGY CORPORATION Exhibit
EXHIBIT 12.1


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - DUKE ENERGY CORPORATION
The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.
 
Years Ended December 31,
(in millions)
2015
 
2014
 
2013
 
  2012 (a)
 
2011
Earnings as defined for fixed charges calculation
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations(b)
 
$
4,053

 
$
3,998

 
$
3,657


$
2,068


$
1,975

Fixed charges
 
1,859

 
1,871

 
1,886

 
1,510

 
1,057

Distributed income of equity investees
 
104

 
136

 
109

 
151

 
149

Deduct:
 
 
 
 
 
 
 
 
 
 
Preferred dividend requirements of subsidiaries
 
—

 
—

 
—

 
3

 
—

Interest capitalized
 
18

 
7

 
8

 
30

 
46

Total earnings
 
$
5,998

 
$
5,998

 
$
5,644

 
$
3,696

 
$
3,135

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on debt, including capitalized portions
 
$
1,733

 
$
1,733

 
$
1,760

 
$
1,420

 
$
1,026

Estimate of interest within rental expense
 
126

 
138

 
126

 
87

 
31

Preferred dividend requirements
 
—

 
—

 
—

 
3

 
—

Total fixed charges
 
$
1,859

 
$
1,871

 
$
1,886

 
$
1,510

 
$
1,057

Ratio of earnings to fixed charges
 
3.2

 
3.2

 
3.0

 
2.4

 
3.0

Ratio of earnings to fixed charges and preferred dividends combined(c)
 
3.2


3.2


3.0


2.4


3.0

(a)    Includes the results of Progress Energy, Inc. beginning on July 2, 2012.
(b)    Excludes amounts attributable to noncontrolling interests and income or loss from equity investees.
(c)    For the period presented, Duke Energy Corporation had no preferred stock outstanding.