EX-12.B 16 ex12b.htm EXHIBIT 12(B) Exhibit 12(b)
Exhibit No. 12 (b)

CAROLINA POWER & LIGHT COMPANY
d/b/a PROGRESS ENERGY CAROLINAS, INC.
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined
For the Years Ended December 31

                       
(dollars in millions)
  
2006
  
2005
  
2004
  
2003
  
2002
  
Earnings, as defined:
                      
Income before cumulative effect of changes in accounting principles
  
$
457
  
$
493
  
$
461
  
$
504
  
$
431
  
Fixed charges, as below
    
225
    
205
    
201
    
206
    
224
  
Income taxes, as below
    
260
    
234
    
234
    
233
    
199
  
Total earnings, as defined
  
$
942
  
$
932
  
$
896
  
$
943
  
$
854
  
                                 
Fixed Charges, as defined:
                                
Interest on long-term debt
  
$
218
  
$
191
  
$
183
  
$
188
  
$
205
  
Other interest
    
(1
)
  
6
    
11
    
11
    
12
  
Imputed interest factor in rentals - charged
                                
principally to operating expenses
    
8
    
8
    
7
    
7
    
7
  
Total fixed charges, as defined
    
225
    
205
    
201
    
206
    
224
  
Preferred dividends, as defined
    
5
    
4
    
5
    
4
    
4
  
Total fixed charges and preferred dividends combined
  
$
230
  
$
209
  
$
206
  
$
210
  
$
228
  
                                 
Income Taxes:
                                
Income tax expense
  
$
265
  
$
239
  
$
239
  
$
241
  
$
207
  
Included in AFUDC - deferred taxes in
                                
book depreciation
    
(5
)
  
(5
)
  
(5
)
  
(8
)
  
(8
)
Total income taxes
  
$
260
  
$
234
  
$
234
  
$
233
  
$
199
  
                                 
Ratio of Earnings to Fixed Charges
   
4.19
    
4.55
    
4.45
    
4.59
    
3.81
  
                                 
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined
    
4.10
    
4.46
    
4.36
    
4.50
    
3.74