EX-12.2 11 x12-2.htm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/2/2006

 

GULF POWER COMPANY

Computation of ratio of earnings to fixed charges plus preferred

dividend requirements for the five years ended December 31, 2005

and the year to date September 30, 2006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

Year ended December 31,

 

 

September 30,

 

 

 

2001

 

 

2002

 

 

2003

 

 

2004

 

 

2005

 

 

2006

 

 

--------------------------------------------------Thousands of Dollars--------------------------------------------------

EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

$

89,716

 

$

104,397

 

$

110,104

 

$

108,135

 

$

120,951

 

$

114,388

 

Interest expense, net of amounts capitalized

 

25,034

 

 

31,452

 

 

31,069

 

 

34,925

 

 

40,317

 

 

32,531

 

Distributions on mandatorily redeemable preferred securities

6,477

 

 

8,524

 

 

7,085

 

 

1,113

 

 

0

 

 

0

 

AFUDC - Debt funds

 

2,510

 

 

1,392

 

 

314

 

 

819

 

 

515

 

 

59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings as defined

$

123,737

 

$

145,765

 

$

148,572

 

$

144,992

 

$

161,783

 

$

146,978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

$

24,520

 

$

28,815

 

$

27,194

 

$

27,693

 

$

29,718

 

$

21,476

 

Interest on affiliated loans

 

396

 

 

629

 

 

202

 

 

3,530

 

 

5,018

 

 

4,816

 

Interest on interim obligations

 

768

 

 

446

 

 

197

 

 

241

 

 

1,472

 

 

2,733

 

Amort of debt disc, premium and expense, net

 

2,059

 

 

2,591

 

 

2,895

 

 

3,050

 

 

2,963

 

 

2,181

 

Other interest charges

 

(199)

 

 

363

 

 

895

 

 

1,230

 

 

1,661

 

 

1,384

 

Distributions on mandatorily redeemable preferred securities

6,477

 

 

8,524

 

 

7,085

 

 

1,113

 

 

0

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges as defined

 

34,021

 

 

41,368

 

 

38,468

 

 

36,857

 

 

40,832

 

 

32,590

 

Tax deductible preferred dividends

 

5

 

 

5

 

 

5

 

 

5

 

 

5

 

 

0

 

 

 

34,026

 

 

41,373

 

 

38,473

 

 

36,862

 

 

40,837

 

 

32,590

 

Non-tax deductible preferred and preference dividends

 

212

 

 

212

 

 

212

 

 

212

 

 

756

 

 

2,475

 

Ratio of net income before taxes to net income

x

1.535

 

x

1.552

 

x

1.590

 

x

1.580

 

x

1.592

 

x

1.600

 

Pref dividend requirements before income taxes

 

325

 

 

329

 

 

337

 

 

335

 

 

1,204

 

 

3,960

 

Fixed charges plus pref dividend requirements

$

34,351

 

$

41,702

 

$

38,810

 

$

37,197

 

$

42,041

 

$

36,550

 

RATIO OF EARNINGS TO FIXED CHARGES PLUS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PREFERRED DIVIDEND REQUIREMENTS

 

3.60

 

 

3.50

 

 

3.83

 

 

3.90

 

 

3.85

 

 

4.02