EX-12.B 9 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,

2007

2006

2005

2004

2003

 

(millions of dollars)

  

RATIO OF EARNINGS TO FIXED CHARGES

                              

Earnings, as defined:

                              

    Net income

$

836

  

$

802

  

$

748

  

$

750

  

$

755

  

    Income taxes

  

451

    

424

    

408

    

409

    

403

  

    Fixed charges, as below

  

325

    

296

    

244

    

202

    

186

  

            Total earnings, as defined

$

1,612

$

1,522

$

1,400

$

1,361

$

1,344

Fixed charges, as defined:

                              

    Interest charges

$

304

  

$

278

  

$

224

  

$

183

  

$

173

  

    Rental interest factor

  

7

    

7

    

7

    

8

    

8

  

    Fixed charges included in nuclear fuel cost

-

-

-

-

1

    Allowance for borrowed funds used during construction

14

11

13

11

4

            Total fixed charges, as defined

$

325

$

296

$

244

$

202

$

186

Ratio of earnings to fixed charges

4.96

5.14

5.74

6.74

7.23

                               
                               

RATIO OF EARNINGS TO COMBINED FIXED CHARGES

 

AND PREFERRED STOCK DIVIDENDS

                              

Earnings, as defined:

                              

    Net income

$

836

  

$

802

  

$

748

  

$

750

  

$

755

  

    Income taxes

  

451

    

424

    

408

    

409

    

403

  

    Fixed charges, as below

325

296

244

202

186

            Total earnings, as defined

$

1,612

$

1,522

$

1,400

$

1,361

$

1,344

                               

Fixed charges, as defined:

                              

    Interest charges

$

304

  

$

278

  

$

224

  

$

183

  

$

173

  

    Rental interest factor

  

7

    

7

    

7

    

8

    

8

  

    Fixed charges included in nuclear fuel cost

-

-

-

-

1

    Allowance for borrowed funds used during construction

14

11

13

11

4

            Total fixed charges, as defined

325

296

244

202

186

                               

Non-tax deductible preferred stock dividends

-

-

-

1

13

Ratio of income before income taxes to net income

1.54

1.53

1.55

1.55

1.53

Preferred stock dividends before income taxes

-

-

-

2

20

Combined fixed charges and preferred stock dividends

$

325

$

296

$

244

$

204

$

206

Ratio of earnings to combined fixed charges

    and preferred stock dividends

4.96

5.14

5.74

6.67

6.52

_____________________

(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, 2007, 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.