Attached files
Exhibit 99.1
PEPCO HOLDINGS, INC.
For the Year Ended December 31, | ||||||||||||||||||||||||
Six Months Ended June 30, 2014 |
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||
Earnings |
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Net income from continuing operations |
$ | 128 | $ | 110 | $ | 218 | $ | 222 | $ | 91 | $ | 163 | ||||||||||||
Preferred stock dividend |
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(Income) or loss from equity investees |
| (2 | ) | (1 | ) | 3 | 1 | (2 | ) | |||||||||||||||
Minority interest loss |
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Income tax expense (benefit) related to continuing operations |
91 | 319 | 103 | 114 | (14 | ) | 80 | |||||||||||||||||
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Pre-tax income for common stock |
219 | 427 | 320 | 339 | 78 | 241 | ||||||||||||||||||
Add: Fixed charges* |
147 | 301 | 286 | 275 | 312 | 332 | ||||||||||||||||||
Add: Distributed income of equity investees |
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Subtract: Interest capitalized |
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Subtract: Pre-tax preferred stock dividend requirement |
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Earnings |
$ | 366 | $ | 728 | $ | 606 | $ | 614 | $ | 390 | $ | 573 | ||||||||||||
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*Fixed Charges |
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Interest on long-term debt |
$ | 130 | $ | 265 | $ | 249 | $ | 239 | $ | 269 | $ | 286 | ||||||||||||
Interest capitalized |
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Other interest |
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Amortization of debt discount, premium, and expense |
6 | 14 | 16 | 14 | 21 | 23 | ||||||||||||||||||
Interest component of rentals |
11 | 22 | 21 | 22 | 22 | 23 | ||||||||||||||||||
Pre-tax preferred stock dividend requirement |
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Fixed charges |
$ | 147 | $ | 301 | $ | 286 | $ | 275 | $ | 312 | $ | 332 | ||||||||||||
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Ratio of earnings to fixed charges (a) |
2.49 | 2.42 | 2.12 | 2.23 | 1.25 | 1.73 | ||||||||||||||||||
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(a) | Pepco Holdings, Inc. issued shares of non-voting, non-convertible and non-transferable Series A preferred stock (Preferred Stock) in the second quarter of 2014 that are excluded from equity since the securities contain conditions for redemption that are not solely within the control of PHI. The dividends associated with the Preferred Stock were immaterial for the six months ended June 30, 2014, and are included in fixed charges as a component of interest on long-term debt. Accordingly, the ratio of earnings to fixed charges is equal to the ratio of earnings to combined fixed charges and preferred stock dividends. |