EX-12 11 exhibit12b.htm EXHIBIT 12(B) EXHIBIT 12(b)

Exhibit 12(b)


FLORIDA POWER & LIGHT COMPANY 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

2004

2003

2002

 

(millions of dollars)

  

RATIO OF EARNINGS TO FIXED CHARGES

                              

Earnings, as defined:

                              

    Net income

$

802

  

$

748

  

$

750

  

$

755

  

$

732

  

    Income taxes

  

424

    

408

    

409

    

403

    

413

  

    Fixed charges, as below

  

296

    

244

    

202

    

186

    

177

  

            Total earnings, as defined

$

1,522

$

1,400

$

1,361

$

1,344

$

1,322

Fixed charged, as defined:

                              

    Interest charges

$

278

  

$

224

  

$

183

  

$

173

  

$

166

  

    Rental interest factor

  

7

    

7

    

8

    

8

    

8

  

    Fixed charges included in nuclear fuel cost

-

-

-

1

3

    Capitalized interest

11

13

11

4

-

            Total fixed charges, as defined

$

296

$

244

$

202

$

186

$

177

Ratio of earnings to fixed charges

5.14

5.74

6.74

7.23

7.47

                               
                               

RATIO OF EARNINGS TO COMBINED FIXED CHARGES

 

AND PREFERRED STOCK DIVIDENDS

                              

Earnings, as defined:

                              

    Net income

$

802

  

$

748

  

$

750

  

$

755

  

$

732

  

    Income taxes

  

424

    

408

    

409

    

403

    

413

  

    Fixed charges, as below

296

244

202

186

177

            Total earnings, as defined

$

1,522

$

1,400

$

1,361

$

1,344

$

1,322

                               

Fixed charged, as defined:

                              

    Interest charges

$

278

  

$

224

  

$

183

  

$

173

  

$

166

  

    Rental interest factor

  

7

    

7

    

8

    

8

    

8

  

    Fixed charges included in nuclear fuel cost

-

-

-

1

3

    Capitalized interest

11

13

11

4

-

            Total fixed charges, as defined

296

244

202

186

177

                               

Non-tax deductible preferred stock dividends

-

-

1

13

15

Ratio of income before income taxes to net income

1.53

1.55

1.55

1.53

1.56

Preferred stock dividends before income taxes

-

-

2

20

23

Combined fixed charges and preferred stock dividends

$

296

$

244

$

204

$

206

$

200

Ratio of earnings to combined fixed charges

    and preferred stock dividends

5.14

5.74

6.67

6.52

6.61

_____________________

(a)

Florida Power & Light Company's preference equity securities were redeemed in January 2005.  For the year ended December 31, 2005, preferred stock dividends were less than $1 million.  Therefore, for the years ended December 31, 2006 and 2005, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends.