EX-12.A 4 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)
 

Nine Months
Ended
September 30,

 



Years Ended December 31,

 

2007

  

2006

  

2005

  

2004

  

2003

  

2002

  

 

(millions of dollars)

Earnings, as defined:

                                        

    Income before cumulative effect of changes

                                        

        in accounting principles

  

$

1,088

    

$

1,281

  

$

901

  

$

896

  

$

906

  

$

701

  

    Preferred stock dividends of a consolidated subsidiary

    

-

      

-

    

-

(b)

  

-

(b)

  

13

    

15

  

    Income taxes

    

360

      

397

    

282

    

272

    

376

    

247

  

    Fixed charges included in the determination of

                                        

        net income, as below

    

579

      

732

    

622

    

516

    

401

    

328

  

    Amortization of capitalized interest

    

9

      

11

    

11

    

8

    

4

    

2

  

    Distributed income of equity method investees

    

128

      

104

    

86

    

83

    

68

    

96

  

    Less:  Equity in earnings of equity method investees

    

67

      

181

    

124

    

96

    

89

    

76

  

        Total earnings, as defined

  

$

2,097

    

$

2,344

  

$

1,778

  

$

1,679

  

$

1,679

  

$

1,313

  

Fixed charges, as defined:

                                        

    Interest charges

  

$

552

    

$

706

  

$

593

  

$

489

  

$

379

  

$

311

  

    Rental interest factor

    

17

      

15

    

16

    

16

    

17

    

14

  

    Fixed charges included in nuclear fuel cost

    

-

      

-

    

-

    

-

    

1

    

3

  

    Allowance for borrowed funds used during construction

    

10

      

11

    

13

    

11

    

4

    

-

  

    Fixed charges included in the determination of net income

    

579

      

732

    

622

    

516

    

401

    

328

  

    Capitalized interest

   

31

      

18

    

8

    

43

    

84

    

91

  

    Dividend requirements on preferred stock of a

                                        

        Consolidated subsidiary before income taxes

    

-

      

-

    

-

(b)

  

-

(b)

  

20

    

23

  

        Total fixed charges, as defined

  

$

610

    

$

750

  

$

630

  

$

559

  

$

505

  

$

442

  

Ratio of earnings to fixed charges and ratio of earnings to

                                        

    combined fixed charges and preferred stock dividends (a)

    

3.44

      

3.13

    

2.82

    

3.00

    

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)

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.