EX-12.5 7 exc-20171231x10kxexh125.htm BALTIMORE GAS AND ELECTRIC COMPANY COMP OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit
Exhibit 12.5




BGE
Ratio of Earnings to Fixed Charges
 
 
Years Ended December 31,
(In millions, except ratios)
 
2013

2014

2015

2016

2017
Pre-tax income from continuing operations
 
344

 
351

 
477

 
468

 
525

Less: Capitalized interest
 
(6
)
 
(12
)
 
(14
)
 
(11
)
 
(6
)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest
 
338


339


463


457


519

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness
 
127

 
118

 
113

 
115

 
110

Interest component of rental expense(a)
 
4

 
4

 
11

 
7

 
11

Total fixed charges
 
131


122


124


122


121

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
 
469


461


587


579


640

Ratio of earnings to fixed charges
 
3.6


3.8


4.7


4.7


5.3

___________________
(a) Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor.

BGE
Ratio of Earnings to Fixed Charges and Preference Stock Dividends
 
 
Years Ended December 31,
(In millions, except ratios)
 
2013
 
2014
 
2015
 
2016
 
2017
Pre-tax income from continuing operations
 
344

 
351

 
477

 
468

 
525

Less: Capitalized interest
 
(6
)
 
(12
)
 
(14
)
 
(11
)
 
(6
)
Preference security dividend requirements
 
(21
)
 
(22
)
 
(22
)
 
(13
)
 
—

Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest
 
317


317


441


444


519

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness
 
127

 
118

 
113

 
115

 
110

Interest component of rental expense(a)
 
4

 
4

 
11

 
7

 
11

Preference security dividend requirements
 
21

 
22

 
22

 
13

 
—

Total fixed charges
 
152


144


146


135


121

 
 
 
 
 
 
 
 
 
 
 
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
 
469


461


587


579


640

Ratio of earnings to fixed charges and preferred stock dividends
 
3.1


3.2


4.0

 
4.3


5.3

___________________
(a) Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor.