EX-12.1 4 x12-1.txt Exhibit 12.1 11/1/2005 GULF POWER COMPANY Computation of ratio of earnings to fixed charges for the five years ended December 31, 2004 and the year to date September 30, 2005
Nine Months Ended Year ended December 31, September 30, ------------------------------------------------------ ---------- 2000 2001 2002 2003 2004 2005 -------------------------Thousands of Dollars----------------------- EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: Earnings before income taxes $ 82,607 $ 89,716 $104,397 $110,104 $108,135 $116,364 Interest expense, net of amounts capitalized 28,086 25,034 31,452 31,069 34,925 29,727 Distributions on mandatorily redeemable preferred securities 6,200 6,477 8,524 7,085 1,113 0 AFUDC - Debt funds 440 2,510 1,392 314 819 483 --------- --------- --------- --------- --------- --------- Earnings as defined $117,333 $123,737 $145,765 $148,572 $144,992 $146,574 ========= ========= ========= ========= ========= ========= FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: Interest on long-term debt $ 22,622 $ 24,520 $ 28,815 $ 27,194 $ 27,693 $ 22,356 Interest on affiliated loans 0 396 629 202 3,530 3,724 Interest on interim obligations 2,804 768 446 197 241 778 Amort of debt disc, premium and expense, net 2,047 2,059 2,591 2,895 3,050 2,214 Other interest charges 1,052 (199) 363 895 1,230 1,138 Distributions on mandatorily redeemable preferred securities 6,200 6,477 8,524 7,085 1,113 0 --------- --------- --------- --------- --------- --------- Fixed charges as defined $ 34,725 $ 34,021 $ 41,368 $ 38,468 $ 36,857 $ 30,210 ========= ========= ========= ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES 3.38 3.64 3.52 3.86 3.93 4.85 ===== ===== ===== ===== ===== ====