EX-12.(A) 10 a2190570zex-12_a.htm EXHIBIT 12(A)
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Exhibit 12(a)

CONSTELLATION ENERGY GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
   12 Months Ended  
 
   December
2008 		  December
2007 		  December
2006 		  December
2005 		  December
2004 		 
 
   (In millions)
  

(Loss) Income from Continuing Operations (Before Extraordinary Loss and Cumulative Effects of Changes in Accounting Principles)

   $ (1,314.4 ) $ 822.4   $ 748.6   $ 535.9   $ 498.4  

Taxes on Income, Including Tax Effect for BGE Preference Stock Dividends

     (83.6 )   419.2     343.1     155.4     110.2  
                       

Adjusted Income

   $ (1,398.0 ) $ 1,241.6   $ 1,091.7   $ 691.3   $ 608.6  
                       

Fixed Charges:

                                
 

Interest and Amortization of Debt Discount and Expense and Premium on all Indebtedness, net of amounts capitalized

   $ 350.5   $ 292.8   $ 315.9   $ 297.6   $ 315.9  
 

Earnings Required for BGE Preference Stock Dividends

     23.9     22.3     21.1     21.6     21.4  
 

Capitalized Interest and Allowance for Funds Used During Construction

     50.0     19.4     13.7     9.9     9.7  
 

Interest Factor in Rentals

     96.5     96.7     4.5     6.1     4.1  
                       
 

Total Fixed Charges

   $ 520.9   $ 431.2   $ 355.2   $ 335.2   $ 351.1  
                       

Amortization of Capitalized Interest

   $ 3.3   $ 3.5   $ 4.3   $ 3.7   $ 2.8  
                       

(Loss) Earnings (1)

   $ (923.8 ) $ 1,656.9   $ 1,437.5   $ 1,020.3   $ 952.8  
                       

Ratio of Earnings to Fixed Charges

     N/A     3.84     4.05     3.04     2.71  
(1)
(Loss) earnings are deemed to consist of (loss) income from continuing operations (before extraordinary items, cumulative effects of changes in accounting principles, and income (loss) from discontinued operations) that includes earnings of Constellation Energy's consolidated subsidiaries, equity in the net income of unconsolidated subsidiaries, income taxes (including deferred income taxes, investment tax credit adjustments, and the tax effect of BGE's preference stock dividends), and fixed charges (including the amortization of capitalized interest but excluding the capitalization of interest).

N/A
Due to the loss for the twelve months ended December 31, 2008, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $1,444.7 million to achieve a ratio coverage of 1:1.



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