EX-12.A 8 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,

 

2007

  

2006

  

2005

  

2004

  

2003

  

 

(millions of dollars)

Earnings, as defined:

                              

    Income before cumulative effect of changes

                              

        in accounting principles

$

1,312

  

$

1,281

  

$

901

  

$

896

  

$

906

  

    Preferred stock dividends of a consolidated subsidiary

  

-

    

-

    

-

(b)

  

-

(b)

  

13

  

    Income taxes

  

368

    

397

    

282

    

272

    

376

  

    Fixed charges included in the determination of

                              

        net income, as below

  

799

    

732

    

622

    

516

    

401

  

    Amortization of capitalized interest

  

12

    

11

    

11

    

8

    

4

  

    Distributed income of equity method investees

  

175

    

104

    

86

    

83

    

68

  

    Less:  Equity in earnings of equity method investees

  

68

    

181

    

124

    

96

    

89

  

        Total earnings, as defined

$

2,598

  

$

2,344

  

$

1,778

  

$

1,679

  

$

1,679

  

Fixed charges, as defined:

                              

    Interest charges

$

762

  

$

706

  

$

593

  

$

489

  

$

379

  

    Rental interest factor

  

23

    

15

    

16

    

16

    

17

  

    Fixed charges included in nuclear fuel cost

  

-

    

-

    

-

    

-

    

1

  

    Allowance for borrowed funds used during construction

  

14

    

11

    

13

    

11

    

4

  

    Fixed charges included in the determination of net income

  

799

    

732

    

622

    

516

    

401

  

    Capitalized interest

  

40

    

18

    

8

    

43

    

84

  

    Dividend requirements on preferred stock of a

                              

        consolidated subsidiary before income taxes

  

-

    

-

    

-

(b)

  

-

(b)

  

20

  

        Total fixed charges, as defined

$

839

  

$

750

  

$

630

  

$

559

  

$

505

  

Ratio of earnings to fixed charges and ratio of earnings to

                              

    combined fixed charges and preferred stock dividends (a)

  

3.10

    

3.13

    

2.82

    

3.00

    

3.32

  

_____________________

  

(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.