EX-12.1 5 x12.htm

Exhibit 12.1

 

GULF POWER COMPANY

Computation of ratio of earnings to fixed charges for

the five years ended December 31, 2006

and the year to date March 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

Year ended December 31,

 

 

March 31,

 

 

 

2002

 

 

2003

 

 

2004

 

 

2005

 

 

2006

 

 

2007

 

 

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

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

Earnings before income taxes

$

104,397

 

$

110,104

 

$

108,135

 

$

120,951

 

$

124,582

 

$

31,059

Interest expense, net of amounts capitalized

 

31,452

 

 

31,069

 

 

34,925

 

 

40,317

 

 

44,133

 

 

11,153

Distributions on mandatorily redeemable preferred securities

8,524

 

 

7,085

 

 

1,113

 

 

0

 

 

0

 

 

0

AFUDC - Debt funds

 

1,392

 

 

314

 

 

819

 

 

515

 

 

160

 

 

167

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings as defined

$

145,765

 

$

148,572

 

$

144,992

 

$

161,783

 

$

168,875

 

$

42,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

$

28,815

 

$

27,194

 

$

27,693

 

$

29,718

 

$

28,863

 

$

8,363

Interest on affiliated loans

 

629

 

 

202

 

 

3,530

 

 

5,018

 

 

6,887

 

 

1,577

Interest on interim obligations

 

446

 

 

197

 

 

241

 

 

1,472

 

 

3,713

 

 

114

Amort of debt disc, premium and expense, net

 

2,591

 

 

2,895

 

 

3,050

 

 

2,963

 

 

2,894

 

 

734

Other interest charges

 

363

 

 

895

 

 

1,230

 

 

1,661

 

 

1,936

 

 

532

Distributions on mandatorily redeemable preferred securities

8,524

 

 

7,085

 

 

1,113

 

 

0

 

 

0

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges as defined

$

41,368

 

$

38,468

 

$

36,857

 

$

40,832

 

$

44,293

 

$

11,320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

3.52

 

 

3.86

 

 

3.93

 

 

3.96

 

 

3.81

 

 

3.74