EX-12 11 exhibit122.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Exhibit 12.2 GULF POWER COMPANY Computation of ratio of earnings to fixed charges plus preferred dividend requirements for the five years ended December 31, 2001 and the nine months ended September 2002 Year ended December 31, ----------------------------------------------------------------- 1997 1998 1999 2000 ---- ---- ---- ---- ------------------------------Thousands of Dollars-------------- EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: Income Before Interest and Income Taxes $ 124,428 $ 120,946 $ 119,576 $ 116,892 AFUDC - Debt funds 5 0 0 440 -------------- ------------ ------------- ------------ Earnings as defined $ 124,433 $ 120,946 $ 119,576 $ 117,332 ============== ============ ============= ============ FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: Interest on long-term debt $ 21,699 $ 19,718 $ 21,375 $ 22,622 Interest on affiliated loans 0 0 0 0 Interest on interim obligations 891 1,190 2,371 2,804 Amort of debt disc, premium and expense, net 2,281 2,100 1,989 2,047 Other interest charges 4,885 8,582 7,326 7,252 -------------- ------------ ------------- ------------ Fixed charges as defined 29,756 31,590 33,061 34,725 Tax deductible preferred dividends 156 112 20 20 -------------- ---------- ----------- --------- 29,912 31,702 33,081 34,745 -------------- ------------ ------------- ------------ Non-tax deductible preferred dividends 3,461 524 197 214 Ratio of net income before taxes to net income x 1.546 x 1.563 x 1.606 x 1.586 -------------- ------------ ------------- ------------ Pref dividend requirements before income taxes 5,351 819 316 339 -------------- ------------ ------------- ------------ Fixed charges plus pref dividend requirements $ 35,263 $ 32,521 $ 33,397 $ 35,084 ============== ============ ============= ============ RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED DIVIDEND REQUIREMENTS 3.53 3.72 3.58 3.34 ===== ===== ===== =====
Exhibit 12.2 12/4/2002 GULF POWER COMPANY Computation of ratio of earnings to fixed charges plus preferred dividend requirements for the five years ended December 31, 2001 and the nine months ended September 2002 Nine Months Ended Year ended December 31, September ----------------------------------------------------- 2001 2002 ---- ---- -----------------Thousands of Dollars-------------- ----------------------------------------------- EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: Income Before Interest and Income Taxes $ 121,227 $ 123,232 AFUDC - Debt funds 2,510 1,391 ------------------- -------------------- Earnings as defined $ 123,737 $ 124,623 =================== ==================== FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: Interest on long-term debt $ 24,520 $ 21,642 Interest on affiliated loans 396 527 Interest on interim obligations 768 399 Amort of debt disc, premium and expense, net 2,059 1,911 Other interest charges 6,278 7,033 ------------------- -------------------- Fixed charges as defined 34,021 31,512 Tax deductible preferred dividends 20 15 ---------------- ----------------- 34,041 31,527 ------------------- -------------------- Non-tax deductible preferred dividends 197 147 Ratio of net income before taxes to net income x 1.535 x 1.569 ------------------- -------------------- Pref dividend requirements before income taxes 302 231 ------------------- -------------------- Fixed charges plus pref dividend requirements $ 34,343 $ 31,758 =================== ==================== RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED DIVIDEND REQUIREMENTS 3.60 3.92 ===== ====