EX-12 9 ex12-1.txt COMPUTATION OR RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1
7/16/2003 GULF POWER COMPANY Computation of ratio of earnings to fixed charges for the the five years ended December 31, 2002 and the three months ended March 2003 Year ended December 31, ------------------------------------------------------------ 1998 1999 2000 2001 -----------------------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 Interest expense, net of amounts capitalized 25,556 26,861 28,085 25,034 Distributions on preferred securities of subsidiary 6,034 6,200 6,200 6,477 AFUDC - Debt funds 0 0 440 2,510 ------------- ----------- ---------- ----------- Earnings as defined $ 120,946 $ 119,576 $ 117,332 $ 123,737 ============= =========== ========== =========== FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: Interest on long-term debt $ 19,718 $ 21,375 $ 22,622 $ 24,520 Interest on affiliated loans 0 0 0 396 Interest on interim obligations 1,190 2,371 2,804 768 Amort of debt disc, premium and expense, net 2,100 1,989 2,047 2,059 Other interest charges 2,548 1,126 1,052 (199) Distributions on preferred securities of subsidiary 6,034 6,200 6,200 6,477 ------------- ----------- ---------- ----------- Fixed charges as defined $ 31,590 $ 33,061 $ 34,725 $ 34,021 ============= =========== ========== =========== RATIO OF EARNINGS TO FIXED CHARGES 3.83 3.62 3.38 3.64
Exhibit 12.1 (continued)
GULF POWER COMPANY Computation of ratio of earnings to fixed charges for the the five years ended December 31, 2002 and the three months ended March 2003 Three Months Ended Year ended December 31, March -------------------------------------------- 2002 2003 -------------Thousands of Dollars---------- EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: Earnings Before Income Taxes $ 104,397 $ 22,291 Interest expense, net of amounts capitalized 31,452 8,055 Distributions on preferred securities of subsidiary 8,524 2,028 AFUDC - Debt funds 1,392 20 ------------------- ------------ Earnings as defined $ 145,765 $ 32,394 =================== ============ FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: Interest on long-term debt $ 28,815 $ 6,958 Interest on affiliated loans 629 75 Interest on interim obligations 446 91 Amort of debt disc, premium and expense, net 2,591 701 Other interest charges 363 252 Distributions on preferred securities of subsidiary 8,524 2,028 ------------------- ------------ Fixed charges as defined $ 41,368 $ 10,105 =================== ============ RATIO OF EARNINGS TO FIXED CHARGES 3.52 3.21