EX-12.4 7 duk-20141231x10kxexx124.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - DUKE ENERGY PROGRESS DUK-2014.12.31-10K-EX-12.4
EXHIBIT 12.4


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - DUKE ENERGY PROGRESS
The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.
 
Years Ended December 31,
(in millions)
2014
 
2013
 
2012
 
2011
 
2010
Earnings as defined for fixed charges calculation
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations
 
$
753

 
$
789

 
$
382

 
$
772

 
$
952

Fixed charges
 
305

 
289

 
291

 
235

 
227

Deduct:
 
 
 
 
 
 
 
 
 
 
Pretax loss attributable to noncontrolling interests of subsidiaries that have not incurred fixed charges

 
—

 
—

 
—

 
—

 
(1
)
Total earnings
 
$
1,058

 
$
1,078

 
$
673

 
$
1,007

 
$
1,180

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on debt, including capitalized portions
 
$
238

 
$
224

 
$
230

 
$
205

 
$
205

Estimate of interest within rental expense
 
67

 
65

 
61

 
30

 
22

Total fixed charges
 
$
305

 
$
289

 
$
291

 
$
235

 
$
227

Preferred dividends, as defined
 
—

 
—

 
4

 
4

 
5

Total fixed charges and preferred dividends combined
 
$
305

 
$
289

 
$
295

 
$
239

 
$
232

Ratio of earnings to fixed charges
 
3.5

 
3.7

 
2.3

 
4.3

 
5.2

Ratio of earnings to fixed charges and preferred dividends combined
 
3.5

 
3.7

 
2.3

 
4.2

 
5.1