EX-12.B 10 nee-12312012xex12b.htm EXHIBIT 12(B) NEE-12.31.2012-Ex 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,
 
2012
 
 
2011
 
2010
 
2009
 
2008
 
(millions of dollars)
 
 
 
 
 
 
 
 
 
 
Earnings, as defined:
 
 
 
 
 
 
 
 
 
Net income
$
1,240
 
 
$
1,068
 
 
$
945
 
 
$
831
 
 
$
789
 
Income taxes
752
 
 
654
 
 
580
 
 
473
 
 
443
 
Fixed charges included in the determination of net income, as below
450
 
 
411
 
 
382
 
 
347
 
 
359
 
Total earnings, as defined
$
2,442
 
 
$
2,133
 
 
$
1,907
 
 
$
1,651
 
 
$
1,591
 
 
 
 
 
 
 
 
 
 
 
Fixed charges, as defined:
 
 
 
 
 
 
 
 
 
Interest expense
$
417
 
 
$
387
 
 
$
361
 
 
$
318
 
 
$
334
 
Rental interest factor
11
 
 
8
 
 
8
 
 
7
 
 
7
 
Allowance for borrowed funds used during construction
22
 
 
16
 
 
13
 
 
22
 
 
18
 
Fixed charges included in the determination of net income
450
 
 
411
 
 
382
 
 
347
 
 
359
 
Capitalized interest
—
 
 
1
 
 
3
 
 
2
 
 
—
 
Total fixed charges, as defined
$
450
 
 
$
412
 
 
$
385
 
 
$
349
 
 
$
359
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends(a)
5.43
 
 
5.18
 
 
4.95
 
 
4.73
 
 
4.43
 
__________________

(a)
Florida Power & Light Company 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.