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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES – DUKE ENERGY CORPORATION |
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The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines. |
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Three Months |
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Ended March 31, |
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Years Ended December 31, |
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(in millions) |
2013 |
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2012 (a) |
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2011 |
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2010 |
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2009 |
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2008 |
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Earnings as defined for fixed charges calculation |
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Add: |
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Pretax income from continuing operations(b) |
$ |
928 |
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$ |
2,291 |
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$ |
2,297 |
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$ |
2,097 |
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$ |
1,770 |
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$ |
1,993 |
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Fixed charges |
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422 |
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1,510 |
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1,057 |
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1,045 |
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892 |
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883 |
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Distributed income of equity investees |
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27 |
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151 |
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149 |
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111 |
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82 |
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195 |
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Deduct: |
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Preferred dividend requirements of subsidiaries |
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― |
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3 |
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― |
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― |
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― |
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― |
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Interest capitalized(c) |
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24 |
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177 |
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166 |
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168 |
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102 |
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93 |
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Total earnings |
$ |
1,353 |
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$ |
3,772 |
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$ |
3,337 |
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$ |
3,085 |
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$ |
2,642 |
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$ |
2,978 |
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Fixed charges: |
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Interest on debt, including capitalized portions(b) |
$ |
391 |
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$ |
1,420 |
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$ |
1,026 |
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$ |
1,008 |
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$ |
853 |
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$ |
834 |
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Estimate of interest within rental expense |
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31 |
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87 |
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31 |
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37 |
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39 |
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49 |
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Preferred dividend requirements |
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― |
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3 |
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― |
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― |
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― |
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― |
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Total fixed charges |
$ |
422 |
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$ |
1,510 |
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$ |
1,057 |
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$ |
1,045 |
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$ |
892 |
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$ |
883 |
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Ratio of earnings to fixed charges |
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3.2 |
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2.5 |
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3.2 |
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3.0 |
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3.0 |
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3.4 |
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Ratio of earnings to fixed charges and preferred dividends combined(d) |
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3.2 |
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2.5 |
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3.2 |
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3.0 |
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3.0 |
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3.4 |
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(a) |
Includes the results of Progress Energy, Inc. beginning on July 2, 2012 |
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(b) |
Excludes amounts attributable to noncontrolling interests and income or loss from equity investees. |
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(c) |
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. |
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(d) |
For all periods presented, Duke Energy Corporation had no preferred stock outstanding |
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