EX-12.1 4 ex12-1gulfsx35x133312013.htm EXHIBIT Ex 12-1 Gulf S-3 5-13 3.31.2013


Exhibit 12.1
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2012
and the year to date March 31, 2013
 
Year ended December 31,
 
 
Three Months Ended March 31,
 
 
2008
 
 
2009
 
 
2010
 
 
2011
 
 
2012
 
 
2013
 
--------------------------------------------Thousands of Dollars--------------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
 
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
$
158,651

 
$
170,461

 
$
199,227

 
$
172,475

 
$
211,346

 
$
37,429

Interest expense, net of amounts capitalized
 
43,098

 
 
38,358

 
 
51,897

 
 
58,150

 
 
60,250

 
 
14,369

Interest component of rental expense
 
1,670

 
 
6,778

 
 
15,984

 
 
15,655

 
 
14,892

 
 
2,660

AFUDC - Debt funds
 
3,973

 
 
9,489

 
 
2,875

 
 
3,951

 
 
2,500

 
 
601

Earnings as defined
$
207,392

 
$
225,086

 
$
269,983

 
$
250,231

 
$
288,988

 
$
55,059

FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt
$
41,174

 
$
42,166

 
$
49,298

 
$
56,677

 
$
57,942

 
$
13,984

Interest on affiliated loans
 
739

 
 
80

 
 
108

 
 
130

 
 
172

 
 
74

Interest on interim obligations
 
513

 
 
701

 
 
37

 
 
197

 
 
100

 
 
34

Amortization of debt disc, premium and expense, net
 
2,755

 
 
2,890

 
 
2,918

 
 
2,686

 
 
2,602

 
 
650

Other interest charges
 
1,890

 
 
2,010

 
 
2,410

 
 
2,411

 
 
1,933

 
 
228

Interest component of rental expense
 
1,670

 
 
6,778

 
 
15,984

 
 
15,655

 
 
14,892

 
 
2,660

Fixed charges as defined
$
48,741

 
$
54,625

 
$
70,755

 
$
77,756

 
$
77,641

 
$
17,630

RATIO OF EARNINGS TO FIXED CHARGES
 
4.25

 
 
4.12

 
 
3.82

 
 
3.22

 
 
3.72

 
 
3.12