Duke Energy Ohio, Inc. - FORM 10-K - EX-12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - March 12, 2010

Attached files

file filename
10-K - FORM 10-K - Duke Energy Ohio, Inc.d10k.htm
EX-31.1 - SECTION 302 CEO CERTIFICATION - Duke Energy Ohio, Inc.dex311.htm
EX-32.2 - SECTION 906 CFO CERTIFICATION - Duke Energy Ohio, Inc.dex322.htm
EX-23.1 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - Duke Energy Ohio, Inc.dex231.htm
EX-32.1 - SECTION 906 CEO CERTIFICATION - Duke Energy Ohio, Inc.dex321.htm
EX-31.2 - SECTION 302 CFO CERTIFICATION - Duke Energy Ohio, Inc.dex312.htm

EXHIBIT 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.

 

     Successor     Predecessor
     Year
Ended
December 31,
2009		     Year
Ended
December 31,
2008		    Year
Ended
December 31,
2007		    Nine
Months
Ended
December 31,
2006		     Three
Months
Ended
March 31,
2006		    Year
Ended
December 31,
2005
     (in millions)           

Earnings as defined for fixed charges calculation

                  

Add:

                  

Pre-tax income from continuing operations

    $ (240 )    $ 458    $ 415    $ 102      $ 186    $ 412

Fixed charges

      128        122      139      100        35      114

Deduct:

                  

Interest capitalized(a)

      4        19      30      14        3      7
                                           
 

Total earnings (as defined for the Fixed Charges calculation)(b)

    $ (116 )    $ 561    $ 524    $ 188         $ 218    $ 519
                                           
 

Fixed charges:

                  

Interest on debt, including capitalized portions

    $ 121      $ 113    $ 130    $ 95      $ 33    $ 105

Estimate of interest within rental expense

      7        9      9      5        2      9
                                           

Total fixed charges

    $ 128      $ 122    $ 139    $ 100      $ 35    $ 114
                                           

Ratio of earnings to fixed charges

      —   (b)      4.6      3.8      1.9        6.2      4.6

 

(a) Excludes equity costs related to AFUDC that are included in Other Income and Expenses in the Consolidated Statements of Operations.
(b) Earnings insufficient to cover fixed charges by approximately $244 million during the year ended December 31, 2009 due primarily to a non-cash goodwill impairment charge.