Exhibit 12.4
PECO Energy Company
Ratio of Earnings to Fixed Charges
2009 | 2010 | 2011 | 2012 | 2013 | 3 Months Ended March 31, 2014 | |||||||||||||||||||
Pre-tax income from continuing operations | 499 | 476 | 535 | 508 | 557 | 123 | ||||||||||||||||||
Plus: Loss from equity investees | 24 | — | — | — | — | — | ||||||||||||||||||
Less: Capitalized interest | (2 | ) | (4 | ) | (4 | ) | (2 | ) | (2 | ) | (1 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest | 521 | 472 | 531 | 506 | 555 | 122 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness | 185 | 193 | 135 | 122 | 114 | 28 | ||||||||||||||||||
Interest component of rental expense (a) | 9 | 10 | 9 | 9 | 7 | 2 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | 194 | 203 | 144 | 131 | 121 | 30 | ||||||||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest plus fixed charges | 715 | 675 | 675 | 637 | 676 | 152 | ||||||||||||||||||
Ratio of earnings to combined fixed charges | 3.7 | 3.3 | 4.7 | 4.9 | 5.6 | 5.1 |
(a) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |
PECO Energy Company
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
2009 | 2010 | 2011 | 2012 | 2013 | ||||||||||||||||
Pre-tax income from continuing operations | 499 | 476 | 535 | 508 | 557 | |||||||||||||||
Plus: Loss from equity investees | 24 | — | — | — | — | |||||||||||||||
Less: Capitalized interest | (2 | ) | (4 | ) | (4 | ) | (2 | ) | (2 | ) | ||||||||||
Preference security dividend requirements | (6 | ) | (6 | ) | (6 | ) | (5 | ) | (10 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements | 515 | 466 | 525 | 501 | 545 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness | 185 | 193 | 135 | 122 | 114 | |||||||||||||||
Interest component of rental expense (a) | 9 | 10 | 9 | 9 | 7 | |||||||||||||||
Preference security dividend requirements | 6 | 6 | 6 | 5 | 10 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total fixed charges | 200 | 209 | 150 | 136 | 131 | |||||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements plus fixed charges | 715 | 675 | 675 | 637 | 676 | |||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 3.6 | 3.2 | 4.5 | 4.7 | 5.2 |
(a) | Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor. |