EX-12.2 10 ex12_2.txt Exhibit 12.2 4/26/101 GULF POWER COMPANY Computation of ratio of earnings to fixed charges plus preferred dividend requirements for the six years ended December 31, 2000
Year ended December 31, ------------------------------------------------------------------------- 1995 1996 1997 1998 1999 2000 ---- ---- ---- ---- ---- ---- ---------------------------Thousands of Dollars-------------------------- EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: Income Before Interest and Income Taxes $126,879 $131,856 $124,428 $120,946 $119,576 $116,893 AFUDC - Debt funds 187 58 5 0 0 440 --------- --------- --------- --------- --------- --------- Earnings as defined $127,066 $131,914 $124,433 $120,946 $119,576 $117,333 ========= ========= ========= ========= ========= ========= FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: Interest on long-term debt $ 23,294 $ 24,691 $ 21,699 $ 19,718 $ 21,375 $ 22,622 Interest on interim obligations 2,931 2,071 891 1,190 2,371 2,804 Amort of debt disc, premium and expense, net 2,014 2,087 2,281 2,100 1,989 2,047 Other interest charges 1,674 1,882 4,885 8,582 7,326 7,253 --------- --------- --------- --------- --------- --------- Fixed charges as defined 29,913 30,731 29,756 31,590 33,061 34,726 Tax deductible preferred dividends 156 156 156 112 20 20 --------- -------- -------- -------- -------- -------- 30,069 30,887 29,912 31,702 33,081 34,746 --------- --------- --------- --------- --------- --------- Non-tax deductible preferred dividends 5,657 5,609 3,461 524 197 214 Ratio of net income before taxes to net income x 1.543 x 1.591 x 1.546 x 1.563 x 1.606 x 1.586 --------- --------- --------- --------- --------- --------- Pref dividend requirements before income taxes 8,729 8,924 5,351 819 316 339 --------- --------- --------- --------- --------- --------- Fixed charges plus pref dividend requirements $ 38,798 $ 39,811 $ 35,263 $ 32,521 $ 33,397 $ 35,085 ========= ========= ========= ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED DIVIDEND REQUIREMENTS 3.28 3.31 3.53 3.72 3.58 3.34 ===== ===== ===== ===== ===== ====