EX-12 6 x12_2.txt Exhibit 12.2 8/6/2004 GULF POWER COMPANY Computation of ratio of earnings to fixed charges plus preferred dividend requirements 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 Tax deductible preferred dividends 20 20 20 20 20 3 --------- --------- --------- --------- --------- -------- 33,081 34,745 34,041 41,388 38,488 18,680 --------- --------- --------- --------- --------- -------- Non-tax deductible preferred dividends 197 214 197 197 197 105 Ratio of net income before taxes to net income x 1.606 x 1.586 x 1.535 x 1.552 x 1.590 x 1.593 --------- --------- --------- --------- --------- -------- Pref dividend requirements before income taxes 316 339 302 306 313 167 --------- --------- --------- --------- --------- -------- --------- --------- --------- --------- --------- -------- Fixed charges plus pref dividend requirements $ 33,397 $ 35,084 $ 34,343 $ 41,694 $ 38,801 $18,847 ========= ========= ========= ========= ========= ======== RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED DIVIDEND REQUIREMENTS 3.58 3.34 3.60 3.50 3.83 4.03 ===== ===== ===== ===== ===== ====