EX-12.5 23 exhibit12.5.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - PROGRESS ENERGY FLORIDA  

 

 

EXHIBIT 12.5

  

FLORIDA POWER FORPORATION

 

d/b/a PROGRESS ENERGY FLORIDA, 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

$

 413 

 

$

 494 

 

$

 729 

 

$

 671 

 

$

 566 

  

 

Fixed charges

 

 309 

 

 

 275 

 

 

 300 

 

 

 278 

 

 

 305 

  

Deduct:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

Interest capitalized(a)

 

 18 

 

 

 14 

 

 

 13 

 

 

 27 

 

 

 28 

  

Total earnings

$

 704 

 

$

 755 

 

$

 1,016 

 

$

 922 

 

$

 843 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

Interest on debt, including capitalized portions(a)

$

 274 

 

$

 253 

 

$

 271 

 

$

 258 

 

$

 236 

  

 

Estimate of interest within rental expense

 

 35 

 

 

 22 

 

 

 29 

 

 

 20 

 

 

 69 

  

Total fixed charges

$

 309 

 

$

 275 

 

$

 300 

 

$

 278 

 

$

 305 

  

Preferred dividends, as defined

 

 2 

 

$

 2 

 

$

 2 

 

$

 2 

 

$

 2 

  

Total fixed charges and preferred dividends combined

$

 311 

 

$

 277 

 

$

 302 

 

$

 280 

 

$

 307 

  

Ratio of earnings to fixed charges

 

 2.3 

 

 

 2.8 

 

 

 3.4 

 

 

 3.3 

 

 

 2.8 

  

Ratio of earnings to fixed charges and preferred dividends combined

 

 2.3 

 

 

 2.7 

 

 

 3.4 

 

 

 3.3 

 

 

 2.8 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

(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.