Attached files
Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES DUKE ENERGY CORPORATION
The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.
Three Months Ended March 31, |
Year Ended December 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||
Earnings as defined for fixed charges calculation |
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Add: |
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Pretax income from continuing operations (a) |
$ | 716 | $ | 2,097 | $ | 1,770 | $ | 1,993 | $ | 2,078 | $ | 1,421 | ||||||||||||
Fixed charges |
270 | 1,045 | 892 | 883 | 797 | 1,382 | ||||||||||||||||||
Distributed income of equity investees |
31 | 111 | 82 | 195 | 147 | 893 | ||||||||||||||||||
Deduct: |
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Preference security dividend requirements of consolidated subsidiaries |
| | | | | 27 | ||||||||||||||||||
Interest capitalized (b) |
41 | 168 | 102 | 93 | 71 | 56 | ||||||||||||||||||
Total earnings (as defined for the Fixed Charges calculation) |
$ | 976 | $ | 3,085 | $ | 2,642 | $ | 2,978 | $ | 2,951 | $ | 3,613 | ||||||||||||
Fixed charges: |
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Interest on debt, including capitalized portions(b) |
$ | 260 | $ | 1,008 | $ | 853 | $ | 834 | $ | 756 | $ | 1,311 | ||||||||||||
Estimate of interest within rental expense |
10 | 37 | 39 | 49 | 41 | 44 | ||||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries |
| | | | | 27 | ||||||||||||||||||
Total fixed charges |
$ | 270 | $ | 1,045 | $ | 892 | $ | 883 | $ | 797 | $ | 1,382 | ||||||||||||
Ratio of earnings to fixed charges |
3.6 | 3.0 | 3.0 | 3.4 | 3.7 | 2.6 | ||||||||||||||||||
(a) | Excludes amounts attributable to noncontrolling interests and income or loss from equity investees. |
(b) | Excludes the equity costs related to Allowance for Funds Used During Construction that are included in Other Income and Expenses in the Condensed Consolidated Statements of Operations. |