EX-12.2 15 x12_2.txt
Exhibit 12.2 3/18/2003 GULF POWER COMPANY Computation of ratio of earnings to fixed charges plus preferred dividend requirements for the five years ended December 31, 2002 Twelve Months Ended December ------------------------------------------------------------------------ 1998 1999 2000 2001 2002 ---- ---- ---- ---- ---- -----------------------------------------Thousands of Dollars------ EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: Earnings Before Income Taxes $ 89,356 $ 86,515 $ 82,607 $ 89,716 $ 104,397 Interest expense, net of amounts capitalized 25,556 26,861 28,085 25,034 31,452 Distributions on preferred securities of subsidiary 6,034 6,200 6,200 6,477 8,524 AFUDC - Debt funds 0 0 440 2,510 1,392 --------- ---------- ---------- -------- --------- Earnings as defined $ 120,946 $ 119,576 $ 117,332 $123,737 $ 145,765 ========= ========== ========== ======== ========= FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: Interest on long-term debt $ 19,718 $ 21,375 $ 22,622 $ 24,520 $ 28,815 Interest on affiliated loans 0 0 0 396 629 Interest on interim obligations 1,190 2,371 2,804 768 446 Amort of debt disc, premium and expense, net 2,100 1,989 2,047 2,059 2,591 Other interest charges 2,548 1,126 1,052 (199) 363 Distributions on preferred securities of subsidiary 6,034 6,200 6,200 6,477 8,524 --------- ---------- ---------- -------- --------- Fixed charges as defined 31,590 33,061 34,725 34,021 41,368 Tax deductible preferred dividends 112 20 20 20 20 --------- ------- ---------- -------- --------- 31,702 33,081 34,745 34,041 41,388 --------- ---------- ---------- -------- --------- Non-tax deductible preferred dividends 524 197 214 197 197 Ratio of net income before taxes to net income x 1.563 x 1.606 x 1.586 x 1.535 x 1.552 --------- ---------- ---------- -------- --------- Pref dividend requirements before income taxes 819 316 339 302 306 --------- ---------- ---------- -------- --------- Fixed charges plus pref dividend requirements $ 32,521 $ 33,397 $ 35,084 $ 34,343 $ 41,694 ========= ========== ========== ======== ========= RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED DIVIDEND REQUIREMENTS 3.72 3.58 3.34 3.60 3.50 ===== ===== ===== ===== ====