EX-12 18 dex12.txt RATIO OF EARNINGS PROGRESS ENERGY, INC. EXHIBIT NO. 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS COMBINED AND RATIO OF EARNINGS TO FIXED CHARGES
--------------------------------------------------------- Years Ended December 31, --------------------------------------------------------- 2001 2000 1999 1998 1997 ---------- ------- -------- -------- -------- (Thousands of Dollars) Earnings, as defined: --------------------- Net income $ 541,610 478,361 $379,288 $396,271 382,265 Fixed charges, as below 728,205 296,419 207,210 196,445 203,013 Income taxes, as below (159,792) 194,625 250,272 249,180 225,491 --------------------------------------------------------- Total earnings, as defined $1,110,023 969,405 $836,770 $841,896 $810,769 =========== ======= ======== ======== ======== Fixed Charges, as defined: -------------------------- Interest on long-term debt $ 592,477 237,494 $180,676 $169,901 $163,468 Other interest 110,355 45,459 10,298 11,156 18,743 Imputed interest factor in rentals-charged principally to operating expenses 20,897 8,756 11,517 10,775 11,421 Preferred dividend requirements of subsidiaries (a) 4,476 4,710 4,719 4,613 9,381 --------------------------------------------------------- Total fixed charges, as defined $ 728,205 296,419 $207,210 $196,445 $203,013 =========== ======= ======== ======== ======== Income Taxes: ------------- Income tax expense (151,643) 202,774 258,421 257,494 233,716 Included in AFUDC - deferred taxes in book depreciation (8,149) (8,149) (8,149) (8,314) (8,225) --------------------------------------------------------- Total income taxes $ (159,792) 194,625 $250,272 $249,180 $225,491 =========== ======= ======== ======== ======== Ratio of Earnings to Fixed Charges 1.52 3.27 4.04 4.29 3.99
(a) Presented on a pretax basis based on effective income tax rate CAROLINA POWER & LIGHT COMPANY EXHIBIT NO. 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS COMBINED AND RATIO OF EARNINGS TO FIXED CHARGES
--------------------------------------------------------- Years Ended December 31, --------------------------------------------------------- 2001 2000 1999 1999 1997 -------- ------- --------- --------- -------- (Thousands of Dollars) Earnings, as defined: --------------------- Net income $364,231 461,028 $382,255 $399,238 388,317 Fixed charges, as below 270,305 248,759 202,491 191,832 193,632 Income taxes, as below 215,084 282,122 250,272 249,180 225,491 --------- ------- -------- -------- -------- Total earnings, as defined $849,620 991,909 $835,018 $840,250 $807,440 ========= ======= ======== ======== ======== Fixed Charges, as defined: -------------------------- Interest on long-term debt $245,808 223,562 $180,676 $169,901 $163,468 Other interest 11,333 16,441 10,298 11,156 18,743 Imputed interest factor in rentals-charged principally to operating expenses 13,163 8,756 11,517 10,775 11,421 --------- ------- -------- -------- -------- Total fixed charges, as defined $270,304 248,759 $202,491 $191,832 $193,632 ========= ======= ======== ======== ======== Earnings Before Income Taxes $579,316 743,150 $632,527 $648,418 $613,808 ========= ======= ======== ======== ======== Ratio of Earnings Before Income Taxes to Net Income 1.59 1.61 1.66 1.62 1.58 Income Taxes: ------------- Income tax expense 223,233 290,271 258,421 257,494 233,716 Included in AFUDC - deferred taxes in book depreciation (8,149) (8,149) (8,149) (8,314) (8,225) --------- ------- -------- -------- -------- Total income taxes $215,084 282,122 $250,272 $249,180 $225,491 ========= ======= ======== ======== ======== Fixed Charges and Preferred Dividends Combined: ----------------------------------------------- Preferred dividend requirements $ 2,964 2,966 $ 2,967 $ 2,967 $ 6,052 Portion deductible for income tax purposes (312) (312) (312) (312) (312) --------- ------- -------- -------- -------- Preferred dividend requirements not deductible $ 2,652 2,654 $ 2,655 $ 2,655 $ 5,740 ========= ======= ======== ======== ======== Preferred dividend factor: -------------------------- Preferred dividends not deductible times ratio of Earnings before income taxes to net income $ 4,217 4,273 $ 4,407 $ 4,301 $ 9,069 Preferred dividends deductible for income taxes 312 312 312 312 312 Fixed charges, as above 270,305 248,759 202,491 191,832 193,632 --------- ------- -------- -------- -------- Total fixed charges and preferred dividends combined $274,834 253,344 $207,210 $196,445 $203,013 ========= ======= ======== ======== ======== Ratio of Earnings to Fixed Charges 3.14 3.99 4.12 4.38 4.17 Ratio of Earnings to Fixed Charges and Preferred Dividends Combined 3.09 3.92 4.03 4.28 3.98