EXHIBIT 12



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.
 
Nine Months Ended September 30,
 
Years Ended December 31,
(in millions)
2015
 
2014
 
2013(d)
 
  2012(a) (d)
 
2011(d)
 
2010(d)
Earnings as defined for fixed charges calculation
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations(b)
$
3,375

 
$
3,998

 
$
3,657

 
$
2,068

 
$
1,975

 
$
2,062

Fixed charges
1,418

 
1,871

 
1,886

 
1,510

 
1,057

 
1,045

Distributed income of equity investees
49

 
136

 
109

 
151

 
149

 
111

Deduct:
 
 
 
 
 
 
 
 
 
 
 
Preferred dividend requirements of subsidiaries
—

 
—

 
—

 
3

 
—

 
—

Interest capitalized
11

 
7

 
8

 
30

 
46

 
54

Total earnings
$
4,831


$
5,998


$
5,644


$
3,696


$
3,135


$
3,164

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest on debt, including capitalized portions
$
1,297

 
$
1,733

 
$
1,760

 
$
1,420

 
$
1,026

 
$
1,008

Estimate of interest within rental expense
121

 
138

 
126

 
87

 
31

 
37

Preferred dividend requirements
—

 
—

 
—

 
3

 
—

 
—

Total fixed charges
$
1,418


$
1,871


$
1,886


$
1,510


$
1,057


$
1,045

Ratio of earnings to fixed charges
3.4


3.2


3.0


2.4


3.0


3.0

Ratio of earnings to fixed charges and preferred dividends combined(c)
3.4


3.2


3.0


2.4


3.0


3.0

(a)    Includes the results of Progress Energy, Inc. beginning on July 2, 2012.
(b)    Excludes amounts attributable to noncontrolling interests and income or loss from equity investees.
(c)    For the period presented, Duke Energy Corporation had no preferred stock outstanding.
(d)    Operating results have been revised to reflect the impact of discontinued operations.