EX-12 6 x12.txt Exhibit 12.1 4/6/2004 GULF POWER COMPANY Computation of ratio of earnings to fixed charges for the the five years ended December 31, 2003
---------------------------------------------------------------------- 1999 2000 2001 2002 2003 ---- ---- ---- ---- ---- -------------------------Thousands of Dollars------------------------- EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: Earnings Before Income Taxes $ 86,515 $ 82,607 $ 89,716 $104,397 $110,104 Interest expense, net of amounts capitalized 26,861 28,085 25,034 31,452 31,069 Distributions on preferred securities 6,200 6,200 6,477 8,524 7,085 AFUDC - Debt funds 0 440 2,510 1,392 314 --------- --------- --------- --------- --------- Earnings as defined $119,576 $117,332 $123,737 $145,765 $148,572 ========= ========= ========= ========= ========= FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: Interest on long-term debt $ 21,375 $ 22,622 $ 24,520 $ 28,815 $ 27,193 Interest on affiliated loans 0 0 396 629 202 Interest on interim obligations 2,371 2,804 768 446 197 Amort of debt disc, premium and expense, net 1,989 2,047 2,059 2,591 2,895 Other interest charges 1,126 1,052 (199) 363 896 Distributions on preferred securities 6,200 6,200 6,477 8,524 7,085 --------- --------- --------- --------- --------- Fixed charges as defined $ 33,061 $ 34,725 $ 34,021 $ 41,368 $ 38,468 ========= ========= ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES 3.62 3.38 3.64 3.52 3.86 ==== ==== ==== ==== ====