EX-12 8 x12d1.htm EXHIBIT 12(D)1 x12d1.htm
  Exhibit 12(d)1
 
 
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2010
and the year to date September 30, 2011
 
                                     
                                 
Nine
  
                                 
Months
  
                                 
Ended
  
 
Year ended December 31,
     September 30,
   
2006
    
2007
    
2008
    
2009
    
2010
    
2011
  
 
--------------------------------------------------Thousands of Dollars--------------------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
                                  
Earnings before income taxes
$
124,582
  
$
135,082
  
$
158,651
  
$
170,461
  
$
199,228
  
$
143,363
  
Interest expense, net of amounts capitalized
  
44,134
    
44,680
    
43,098
    
38,358
    
51,897
    
43,208
  
Interest component of rental expense
  
1,727
    
1,574
    
1,670
    
6,778
    
15,984
    
12,727
  
AFUDC - Debt funds
  
160
    
1,048
    
3,973
    
9,489
    
2,875
    
2,826
  
Earnings as defined
$
170,603
  
$
182,384
  
$
207,392
  
$
225,086
  
$
269,984
  
$
202,124
  
                                     
                                     
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
                                
Interest on long-term debt
$
28,863
  
$
36,351
  
$
41,174
  
$
42,166
  
$
49,298
  
$
41,930
  
Interest on affiliated loans
  
6,887
    
4,510
    
739
    
80
    
108
    
102
  
Interest on interim obligations
  
3,713
    
169
    
513
    
701
    
37
    
162
  
Amort of debt disc, premium and expense, net
  
2,894
    
2,837
    
2,755
    
2,890
    
2,918
    
2,017
  
Other interest charges
  
1,937
    
1,861
    
1,890
    
2,010
    
2,411
    
1,823
  
Interest component of rental expense
  
1,727
    
1,574
    
1,670
    
6,778
    
15,984
    
12,727
  
Fixed charges as defined
$
46,021
  
$
47,302
  
$
48,741
  
$
54,625
  
$
70,756
  
$
58,761
  
                                     
                                     
                                     
RATIO OF EARNINGS TO FIXED CHARGES
  
3.71
    
3.86
    
4.25
    
4.12
    
3.82
    
3.44