EX-12 5 x12_1.txt Exhibit 12.1 8/6/2004 GULF POWER COMPANY Computation of ratio of earnings to fixed charges for the five years ended December 31, 2003 and the year to date June 30, 2004
Six Months Ended Year ended December 31, June 30, ------------------------------------------------------ ----------- 1999 2000 2001 2002 2003 2004 ---- ---- ---- ---- ---- ---- --------------------------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 $57,263 Interest expense, net of amounts capitalized 26,860 28,086 25,034 31,452 31,069 17,179 Distributions on mandatorily redeemable preferred securities 6,200 6,200 6,477 8,524 7,085 1,113 AFUDC - Debt funds 0 440 2,510 1,392 314 385 --------- --------- --------- --------- --------- -------- Earnings as defined $119,575 $117,333 $123,737 $145,765 $148,572 $75,940 ========= ========= ========= ========= ========= ======== FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: Interest on long-term debt $ 21,375 $ 22,622 $ 24,520 $ 28,815 $ 27,194 $13,815 Interest on affiliated loans 0 0 396 629 202 1,218 Interest on interim obligations 2,371 2,804 768 446 197 0 Amort of debt disc, premium and expense, net 1,989 2,047 2,059 2,591 2,895 1,553 Other interest charges 1,126 1,052 (199) 363 895 978 Distributions on mandatorily redeemable preferred securities 6,200 6,200 6,477 8,524 7,085 1,113 -------- -------- --------- --------- --------- ------- --------- --------- --------- --------- --------- -------- Fixed charges as defined $ 33,061 $ 34,725 $ 34,021 $ 41,368 $ 38,468 $18,677 ========= ========= ========= ========= ========= ======== RATIO OF EARNINGS TO FIXED CHARGES 3.62 3.38 3.64 3.52 3.86 4.07 ===== ===== ===== ===== ===== ====