EXHIBIT 12.1
Exelon Corporation
Ratio of Earnings to Fixed Charges
| Years Ended December 31, | Nine Months September 30, 2007 |
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| 2002 | 2003 | 2004 | 2005 | 2006 | ||||||||||||||
| Pre-tax income from continuing operations before adjustment for income or loss from equity investees and minority interest |
2,693 | 1,286 | 2,577 | 1,895 | 2,796 | 3,270 | ||||||||||||
| Plus: (Income) or loss from equity investees |
(86 | ) | (33 | ) | 154 | 134 | 111 | 89 | ||||||||||
| Less: Capitalized interest |
(28 | ) | (22 | ) | (12 | ) | (15 | ) | (34 | ) | (34 | ) | ||||||
| Preference security dividend requirements of consolidated subsidiaries |
(13 | ) | (7 | ) | (4 | ) | (8 | ) | (7 | ) | (5 | ) | ||||||
| Pre-tax income from continuing operations after adjustment for income or loss from equity investees, minority interest, capitalized interest and preference security dividend requirements |
2,566 | 1,224 | 2,715 | 2,006 | 2,866 | 3,320 | ||||||||||||
| Fixed charges: |
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| Interest expensed and capitalized, amortization of debt discount and premium on all indebtness |
983 | 895 | 841 | 844 | 914 | 672 | (a) | |||||||||||
| Interest component of rental expense (b) |
167 | 204 | 232 | 277 | 251 | 212 | ||||||||||||
| Distributions on mandatorily redeemable preferred securities |
37 | 34 | — | — | — | — | ||||||||||||
| Preference security dividend requirements of consolidated subsidiaries |
13 | 7 | 4 | 8 | 7 | 5 | ||||||||||||
| Total fixed charges |
1,200 | 1,141 | 1,077 | 1,129 | 1,172 | 889 | ||||||||||||
| Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements plus fixed charges |
3,766 | 2,364 | 3,792 | 3,135 | 4,038 | 4,209 | ||||||||||||
| Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends |
3.1 | 2.1 | 3.5 | 2.8 | 3.4 | 4.7 | ||||||||||||
| (a) | Includes interest expense of $14 million related to uncertain income tax positions accounted for under Financial Accounting Standards Board Interpretation No. 48, which was adopted on January 1, 2007. |
| (b) | Represents one-third of rental expense relating to operating leases. |