EX-12.1 12 exhibit121-201710k.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
Consolidated Edison, Inc.
Ratio of Earnings to Fixed Charges
(Millions of Dollars)
 
For the Years Ended December 31,
 
2017

2016

2015

2014

2013
Earnings
 
 
 
 
 
 
 
 
 
Net Income
$1,525
 
$1,245
 
$1,193
 
$1,092
 
$1,062
Preferred Stock Dividend
—

 
—

 
—

 
—

 
—

(Income) or Loss from Equity Investees
(32)
 
(28)
 
(34)
 
(27)
 
(6)
Minority Interest Loss
—

 
—

 
—

 
—

 
—

Income Tax
472
 
698
 
605
 
568
 
476
Pre-Tax Income
$1,965
 
$1,915
 
$1,764
 
$1,633
 
$1,532
Add: Fixed Charges*
766
 
730
 
701
 
636
 
764
Add: Distributed Income of Equity Investees
—

 
—

 
—

 
—

 
—

Subtract: Interest Capitalized
—

 
—

 
—

 
—

 
—

Subtract: Pre-Tax Preferred Stock Dividend Requirement
—

 
—

 
—

 
—

 
—

Earnings
$2,731
 
$2,645
 
$2,465
 
$2,269
 
$2,296
* Fixed Charges
 
 
 
 
 
 
 
 
 
Interest on Long-term Debt
$713
 
$664
 
$618
 
$573
 
$562
Amortization of Debt Discount, Premium and Expense
13
 
14
 
14
 
14
 
16
Interest Capitalized
—

 
—

 
—

 
—

 
—

Other Interest
11
 
24
 
24
 
5
 
143
Interest Component of Rentals
29
 
28
 
45
 
44
 
43
Pre-Tax Preferred Stock Dividend Requirement
—

 
—

 
—

 
—

 
—

Fixed Charges
$766
 
$730

$701
 
$636
 
$764
Ratio of Earnings to Fixed Charges
3.6
 
3.6
 
3.5
 
3.6
 
3.0