Exelon 2015 Annual Report Download - page 584

Exhibit 12.5
BGE
Ratio of Earnings to Fixed Charges
Years Ended December 31,
2011 2012 2013 2014 2015
Pre-tax income from continuing operations 211 11 344 351 477
Less: Capitalized interest (7) (5) (6) (12) (14)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized
interest 204 6 338 339 463
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness 136 149 127 118 113
Interest component of rental expense (a) 5 4 4 4 11
Total fixed charges 141 153 131 122 124
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 345 159 469 461 587
Ratio of earnings to fixed charges 2.4 1.0 3.6 3.8 4.7
(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,
2011 2012 2013 2014 2015
Pre-tax income from continuing operations 211 11 344 351 477
Less: Capitalized interest (7) (5) (6) (12) (14)
Preference security dividend requirements (20) (20) (21) (22) (22)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized
interest 184 (14) 317 317 441
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness 136 149 127 118 113
Interest component of rental expense (a) 5 4 4 4 11
Preference security dividend requirements 20 20 21 22 22
Total fixed charges 161 173 152 144 146
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 345 159 469 461 587
Ratio of earnings to fixed charges and preferred stock dividends 2.1 0.9 (b) 3.1 3.2 4.0
(a) Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor.
(b) The ratio coverage was less than 1:1. The registrant must generate additional earnings of $14 million to achieve a coverage ratio of 1:1.
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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