EX-12.1 5 ex12-1gulfsx32016.htm EXHIBIT 12.1 SEC Exhibit


Exhibit 12.1
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2015
and the year to date March 31, 2016
 
Year ended December 31,
 
 
Three Months Ended March 31,
 
 
2011
 
 
2012
 
 
2013
 
 
2014
 
 
2015
 
 
2016
 
--------------------------------------------Thousands of Dollars--------------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
 
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
$
172,475

 
$
211,346

 
$
211,801

 
$
237,241

 
$
248,756

 
$
51,629

Interest expense, net of amounts capitalized
 
58,150

 
 
60,250

 
 
56,025

 
 
53,234

 
 
49,358

 
 
12,544

Interest component of rental expense
 
15,655

 
 
14,892

 
 
12,888

 
 
20,989

 
 
29,631

 
 
7,033

AFUDC - Debt funds
 
3,951

 
 
2,500

 
 
3,421

 
 
5,373

 
 
5,608

 
 
—

Earnings as defined
$
250,231

 
$
288,988

 
$
284,135

 
$
316,837

 
$
333,353

 
$
71,206

FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt
$
56,677

 
$
57,942

 
$
55,386

 
$
54,898

 
$
57,036

 
$
13,701

Interest on affiliated loans
 
130

 
 
172

 
 
222

 
 
185

 
 
374

 
 
160

Interest on interim obligations
 
197

 
 
100

 
 
185

 
 
—

 
 
68

 
 
—

Amortization of debt disc, premium and expense, net
 
2,686

 
 
2,602

 
 
2,582

 
 
2,597

 
 
2,566

 
 
600

Other interest charges
 
2,411

 
 
1,933

 
 
1,070

 
 
927

 
 
(5,078
)
 
 
(1,916
)
Interest component of rental expense
 
15,655

 
 
14,892

 
 
12,888

 
 
20,989

 
 
29,631

 
 
7,033

Fixed charges as defined
$
77,756

 
$
77,641

 
$
72,333

 
$
79,596

 
$
84,597

 
$
19,578

RATIO OF EARNINGS TO FIXED CHARGES
 
3.22

 
 
3.72

 
 
3.93

 
 
3.98

 
 
3.94

 
 
3.64