EX-12 10 exhibit12a.htm EXHIBIT 12(A) EXHIBIT 12(a)

Exhibit 12(a)


FPL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(a)

 

Years Ended December 31,

 

2006

  

2005(b)

  

2004(b)

  

2003(b)

  

2002(b)

  

 

(millions of dollars)

Earnings, as defined:

                              

    Income before cumulative effect of changes

                              

        in accounting principles

$

1,281

  

$

901

  

$

896

  

$

906

  

$

701

  

    Preferred stock dividends of a consolidated subsidiary

  

-

    

-

(c)

  

-

(c)

  

13

    

15

  

    Income taxes

  

397

    

282

    

272

    

376

    

247

  

    Fixed charges included in the determination of

                              

        net income, as below

  

721

    

609

    

505

    

397

    

328

  

    Amortization of capitalized interest

  

11

    

11

    

8

    

4

    

2

  

    Distributed income of equity method investees

  

104

    

86

    

83

    

68

    

96

  

    Less:  Equity in earnings of equity method investees

  

181

    

124

    

96

    

89

    

76

  

        Total earnings, as defined

$

2,333

  

$

1,765

  

$

1,668

  

$

1,675

  

$

1,313

  

Fixed charges, as defined:

                              

    Interest charges

$

706

  

$

593

  

$

489

  

$

379

  

$

311

  

    Rental interest factor

  

15

    

16

    

16

    

17

    

14

  

    Fixed charges included in nuclear fuel cost

  

-

    

-

    

-

    

1

    

3

  

    Fixed charges included in the determination of net income

  

721

    

609

    

505

    

397

    

328

  

    Capitalized interest

  

29

    

21

    

54

    

88

    

91

  

    Dividend requirements on preferred stock of a

                              

        consolidated subsidiary before income taxes

  

-

    

-

(c)

  

-

(c)

  

20

    

23

  

        Total fixed charges, as defined

$

750

  

$

630

  

$

559

  

$

505

  

$

442

  

Ratio of earnings to fixed charges and ratio of earnings to

                              

    combined fixed charges and preferred stock dividends (a)

  

3.11

    

2.80

    

2.98

    

3.32

    

2.97

  

_____________________

  

(a)

FPL Group, Inc. has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends.

(b)

Amounts have been adjusted to reflect the retrospective application of FASB Staff Position AUG AIR-1, "Accounting for Planned Major Maintenance Activities."

(c)

A portion of Florida Power & Light Company's preferred stock was owned by FPL Group, Inc. and was eliminated in consolidation.  Accordingly, those dividends are not included herein.