ComEd 2013 Annual Report Download - page 223

18. Preferred and Preference Securities
At December 31,2013 and2012,Exelon wasauthorizedto issue up to 100,000,000 sharesofpreferredsecurities, none of which
were outstanding.
Preferred and Preference Securities of Subsidiaries
At December 31,2013 and2012,ComEd prior preferredsecuritiesandComEd cumulative preferencesecuritiesconsistedof
850,000 sharesand 6,810,451sharesauthorized, respectively, none of which were outstanding.
At December 31,2012, PECO cumulative preferredsecurities, no par value,consistedof15,000,000 sharesauthorizedandthe
outstandingamountsset forthbelow. Sharesofpreferredsecuritieshavefull votingrights, includingtherighttocumulate votesinthe
election ofdirectors. OnMay1,2013, PECO redeemedall ofitsoutstandingpreferredsecurities. PECO had $87 million of
cumulative preferredsecuritiesthat were redeemable at itsoption at anytimefor theredemption priceestablishedwhen each series
was issued. Theredemption premiumistreatedasareduction to Net income to arriveatNet income attributable to common
shareholdersutilizedinthecalculation ofthe earnings per share for Exelon.
December 31,
Redemption
Price (a)
2013 2012 2013 2012
Shares Outstanding Dollar Amount
Series (without mandatory redemption)
$4.68 (SeriesD)................................................... $104.00 —150,000 $— $15
$4.40(SeriesC)................................................... 112.50—274,720 —27
$4.30 (SeriesB)................................................... 102.00 —150,000 —15
$3.80(SeriesA)................................................... 106.00 —300,000 —30
Total preferredsecurities ........................................... — 874,720 $— $87
(a)Redeemable,at the option of PECO, at theindicateddollar amountsper share,plusaccrued dividends.
At December 31,2013 and2012, BGE cumulative preferencestock, $100 par value,consistedof 6,500,000 sharesauthorizedand
the outstandingamountsset forthbelow. Sharesof BGE preferencestock havenovotingpower except for thefollowing:
•The preferencestock hasone vote per share on anycharter amendment which wouldcreate or authorizeanysharesofstock
rankingprior to or on a paritywiththe preferencestock asto either dividends or distribution ofassets, or which would
substantiallyadverselyaffectthecontractrights, asexpresslyset forthinBGE’s charter,ofthe preferencestock, each of which
requirestheaffirmativevote oftwo-thirds ofall thesharesofpreferencestock outstanding; and
•Whenever BGE failsto payfull dividends on the preferencestock andsuch failure continuesfor one year,the preferencestock
shall have one vote per share on all matters, untilandunless such dividends shall havebeen paid infull.Upon liquidation,the
holdersofthe preferencestock ofeach seriesoutstandingare entitledto receivethe par amount oftheirsharesandan amount
equal to the unpaid accrued dividends.
December 31,
Redemption
Price (a)
2013 2012 2013 2012
Shares Outstanding Dollar Amount
Series (without mandatory redemption)
7.125%, 1993Series .......................................... $100.00 400,000 400,000 $40$40
6.97%, 1993Series ........................................... 100.00 500,000 500,000 5050
6.70%, 1993Series ........................................... 100.34400,000 400,000 4040
6.99%, 1995 Series ........................................... 100.70600,000 600,000 6060
Total preferencestock ......................................... 1,900,000 1,900,000 $190$190
(a)Redeemable,at the option of BGE, at theindicateddollar amountsper share,plusaccruedandunpaid dividends.
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