EX-12.1 5 exhibit121.htm EXHIBIT 12.1 Exhibit

Exhibit 12.1


BGE
Ratio of Earnings to Fixed Charges

 
 
 
 
 
 
 
 
 
Six Months
 
 
 
 
 
Ended
 
 
 
Years Ended December 31,
 
June 30,
 
 
 
2012
2013
2014
2015
2016
 
2017
Pre-tax income from continuing operations
$
11

$
344

$
351

$
477

$
468

 
$
280

Less:
Capitalized interest
(5
)
(6
)
(12
)
(14
)
(11
)
 
(3
)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest
$
6

$
338

$
339

$
453

$
457

 
$
277

Fixed charges:
 
 
 
 
 
 
 
 
Interest expensed and capitalized, amortization of debt discount and premium on all indebtness
$
149

$
127

$
118

$
113

$
115

 
$
57

 
Interest component of rental expense (a)
4

4

4

11

7

 
6

Total fixed charges
$
153

$
131

$
122

$
124

$
122

 
$
63

 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest and preference security dividend requirements plus fixed charges
$
159

$
469

$
461

$
587

$
579

 
$
340

Ratio of earnings fixed charges
1

3.6

3.8

4.7

4.7

 
5.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor.