Exhibit 12(b) | |||||||||||||||||||||||
PPL ELECTRIC UTILITIES CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND | |||||||||||||||||||||||
PREFERRED STOCK DIVIDENDS | |||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||
9 Months | |||||||||||||||||||||||
Ended | |||||||||||||||||||||||
September 30, | Years Ended December 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Earnings, as defined: | |||||||||||||||||||||||
Income Before Income Taxes | $ | 321 | $ | 423 | $ | 317 | $ | 204 | $ | 257 | $ | 192 | |||||||||||
Total fixed charges as below | 103 | 131 | 117 | 107 | 105 | 102 | |||||||||||||||||
Total earnings | $ | 424 | $ | 554 | $ | 434 | $ | 311 | $ | 362 | $ | 294 | |||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||
Interest charges (a) | $ | 100 | $ | 127 | $ | 113 | $ | 104 | $ | 102 | $ | 101 | |||||||||||
Estimated interest component of operating rentals | 3 | 4 | 4 | 3 | 3 | 1 | |||||||||||||||||
Total fixed charges (b) | $ | 103 | $ | 131 | $ | 117 | $ | 107 | $ | 105 | $ | 102 | |||||||||||
Ratio of earnings to fixed charges | 4.1 | 4.2 | 3.7 | 2.9 | 3.4 | 2.9 | |||||||||||||||||
Preferred stock dividend requirements on a pre-tax | |||||||||||||||||||||||
basis | $ | 6 | $ | 21 | $ | 23 | |||||||||||||||||
Fixed charges, as above | $ | 103 | $ | 131 | $ | 117 | 107 | 105 | 102 | ||||||||||||||
Total fixed charges and preferred stock dividends | $ | 103 | $ | 131 | $ | 117 | $ | 113 | $ | 126 | $ | 125 | |||||||||||
Ratio of earnings to combined fixed charges and | |||||||||||||||||||||||
preferred stock dividends | 4.1 | 4.2 | 3.7 | 2.8 | 2.9 | 2.4 |
(a) | Includes interest on long-term and short-term debt, as well as amortization of debt discount, expense and premium - net. | |
(b) | Interest on unrecognized tax benefits is not included in fixed charges. |
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