EX-12 6 ex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Exhibit 12 9/3/2003 GULF POWER COMPANY Computation of ratio of earnings to fixed charges for the the five years ended December 31, 2002 and the year to date June 30, 2003 Six Months Ended Year ended December 31, June -------------------------------------------------------------------------- 1998 1999 2000 2001 2002 2003 ---- ---- ---- ---- ---- ---- ------------------------------------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 $ 52,557 Interest expense, net of amounts capitalized 25,556 26,861 28,085 25,034 31,452 16,307 Distributions on preferred securities of subsidiary 6,034 6,200 6,200 6,477 8,524 3,922 AFUDC - Debt funds 0 0 440 2,510 1,392 66 --------- ---------- ---------- --------- ---------- -------- Earnings as defined $ 120,946 $ 119,576 $ 117,332 $ 123,737 $ 145,765 $ 72,852 ========= ========== ========== ========= ========== ======== 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 $ 14,025 Interest on affiliated loans 0 0 0 396 629 152 Interest on interim obligations 1,190 2,371 2,804 768 446 178 Amort of debt disc, premium and expense, net 2,100 1,989 2,047 2,059 2,591 1,433 Other interest charges 2,548 1,126 1,052 (199) 363 585 Distributions on preferred securities of subsidiary 6,034 6,200 6,200 6,477 8,524 3,922 --------- ---------- ---------- --------- ---------- -------- Fixed charges as defined $ 31,590 $ 33,061 $ 34,725 $ 34,021 $ 41,368 $ 20,295 ========= ========== ========== ========= ========== ======== RATIO OF EARNINGS TO FIXED CHARGES 3.83 3.62 3.38 3.64 3.52 3.59 ==== ===== ==== ==== ==== ====