Exelon 2015 Annual Report Download - page 78

Table of Contents
MDPSC that BGE’s equity ratio is at least 48% within five business days after dividend payment. There are no other limitations on BGE paying
common stock dividends unless: (1) BGE elects to defer interest payments on the 6.20% Deferrable Interest Subordinated Debentures due 2043,
and any deferred interest remains unpaid; or (2) any dividends (and any redemption payments) due on BGE’s preference stock have not been paid.
Exelon’s Board of Directors approved a revised dividend policy. The approved policy would raise our dividend 2.5% each year for the next
three years, beginning with the June 2016 dividend. The Board will take formal action to declare the next dividend in the second quarter.
At December 31, 2015, Exelon had retained earnings of $12,068 million, including Generation’s undistributed earnings of $2,701 million,
ComEd’s retained earnings of $978 million consisting of retained earnings appropriated for future dividends of $2,617 million, partially offset by
$(1,639) million of unappropriated retained deficits, PECO’s retained earnings of $780 million, and BGE’s retained earnings of $1,320 million.
The following table sets forth Exelon’s quarterly cash dividends per share paid during 2015 and 2014:
2015 2014
(per share)
4th
Quarter
3rd
Quarter
2nd
Quarter
1st
Quarter
4th
Quarter
3rd
Quarter
2nd
Quarter
1st
Quarter
Exelon $ 0.310 $ 0.310 $ 0.310 $ 0.310 $ 0.310 $ 0.310 $ 0.310 $ 0.310
The following table sets forth Generation’s quarterly distributions and ComEd’s and PECO’s quarterly common dividend payments:
2015 2014
(in millions)
4th
Quarter
3rd
Quarter
2nd
Quarter
1st
Quarter
4th
Quarter
3rd
Quarter
2nd
Quarter
1st
Quarter
Generation $ 106 $ 106 $ 906 $1,356 $ 205 $ 205 $ 205 $ 31
ComEd 75 75 75 75 77 77 77 76
PECO 70 70 70 70 80 80 80 80
First Quarter 2016 Dividend. On January 26, 2016, the Exelon Board of Directors declared a first quarter 2016 regular quarterly dividend of
$0.31 per share on Exelon’s common stock payable on March 10, 2016, to shareholders of record of Exelon at the end of the day on February 12,
2016.
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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