Exhibit 12.3
Commonwealth Edison Company
Ratio of Earnings to Fixed Charges
2009 | 2010 | 2011 | 2012 | 2013 | 3 Months Ended March 31, 2014 | |||||||||||||||||||
Pre-tax income from continuing operations | 602 | 693 | 666 | 618 | 401 | 163 | ||||||||||||||||||
Plus: Loss from equity investees | — | — | — | — | — | — | ||||||||||||||||||
Less: Capitalized interest | (3 | ) | (2 | ) | (4 | ) | (3 | ) | (5 | ) | (1 | ) | ||||||||||||
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Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest | 599 | 691 | 662 | 615 | 396 | 162 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness (b) | 301 | 368 | 330 | 297 | 575 | 79 | ||||||||||||||||||
Interest component of rental expense (a) | 7 | 6 | 6 | 6 | 5 | 1 | ||||||||||||||||||
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Total fixed charges | 308 | 374 | 336 | 303 | 580 | 80 | ||||||||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest plus fixed charges | 907 | 1,065 | 998 | 918 | 976 | 242 | ||||||||||||||||||
Ratio of earnings to fixed charges | 2.9 | 2.8 | 3.0 | 3.0 | 1.7 | 3.0 |
(a) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |
(b) | Includes interest expense of $3 million for the quarter ended March 31, 2014 and $294 million for the year ended December 31, 2013, related to the remeasurement of the like-kind exchange tax position. See Note 14 - Income Taxes of the Exelon Form 10-K for the year ended December 31, 2013 for additional information regarding the like-kind exchange tax position. |