EX-12.4 22 exhibit12.4.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - PROGRESS ENERGY CAROLINAS  

 

 

EXHIBIT 12.4

  

CAROLINA POWER & LIGHT COMPANY

  

d/b/a PROGRESS ENERGY CAROLINAS, INC.

  

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

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

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

Years Ended December 31,

  

(in millions)

2012 

 

2011 

 

2010 

 

2009 

 

2008 

  

Earnings as defined for fixed charges calculation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

Pretax income from continuing operations

$

 382 

 

$

 772 

 

$

 952 

 

$

 791 

 

$

 832 

  

 

Fixed charges

 

 291 

 

 

 235 

 

 

 227 

 

 

 219 

 

 

 231 

  

Deduct:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

Interest capitalized(a)

 

 23 

 

 

 21 

 

 

 19 

 

 

 12 

 

 

 12 

  

 

Pre-tax income (loss) noncontrolling interest of subsidiaries that have not incurred fixed charges

 

 ― 

 

 

 ― 

 

 

 (1) 

 

 

 (2) 

 

 

 ― 

  

Total earnings

$

 650 

 

$

 986 

 

$

 1,161 

 

$

 1,000 

 

$

 1,051 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

Interest on debt, including capitalized portions(a)

$

 230 

 

$

 205 

 

$

 205 

 

$

 207 

 

$

 219 

  

 

Estimate of interest within rental expense

 

 61 

 

 

 30 

 

 

 22 

 

 

 12 

 

 

 12 

  

Total fixed charges

$

 291 

 

$

 235 

 

$

 227 

 

$

 219 

 

$

 231 

  

Preferred dividends, as defined

 

 4 

 

 

 4 

 

 

 5 

 

 

 5 

 

 

 5 

  

Total fixed charges and preferred dividends combined

$

 295 

 

$

 239 

 

$

 232 

 

$

 224 

 

$

 236 

  

Ratio of earnings to fixed charges

 

 2.2 

 

 

 4.2 

 

 

 5.1 

 

 

 4.6 

 

 

 4.6 

  

Ratio of earnings to fixed charges and preferred dividends combined

 

 2.2 

 

 

 4.1 

 

 

 5.0 

 

 

 4.5 

 

 

 4.5 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

(a)

Excludes the equity costs related to Allowance for Funds Used During Construction that are included in Other Income and Expenses in the Condensed Consolidated Statements of Operations.