EX-12 9 x12d2.htm EXHIBIT 12(D)2 x12d2.htm
 
  Exhibit 12(d)2
 
 
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges plus preferred and preference
dividend requirements for the five years ended December 31, 2010
and the year to date September 30, 2011
 
                                 
Nine
  
                                 
Months
  
                                 
Ended
  
 
Year ended December 31,
    
September 30,
   
2006
    
2007
    
2008
    
2009
    
2010
    
2011
  
 
----------------------------------------------Thousands of Dollars-------------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
                                  
Earnings before income taxes
$
124,582
  
$
135,082
  
$
158,651
  
$
170,461
  
$
199,228
  
$
143,363
  
Interest expense, net of amounts capitalized
  
44,134
    
44,680
    
43,098
    
38,358
    
51,897
    
43,208
  
Interest component of rental expense
  
1,727
    
1,574
    
1,670
    
6,778
    
15,984
    
12,727
  
AFUDC - Debt funds
  
160
    
1,048
    
3,973
    
9,489
    
2,875
    
2,826
  
Earnings as defined
$
170,603
  
$
182,384
  
$
207,392
  
$
225,086
  
$
269,984
  
$
202,124
  
                                     
                                     
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
                                
Interest on long-term debt
$
28,863
  
$
36,351
  
$
41,174
  
$
42,166
  
$
49,298
  
$
41,930
  
Interest on affiliated loans
  
6,887
    
4,510
    
739
    
80
    
108
    
102
  
Interest on interim obligations
  
3,713
    
169
    
513
    
701
    
37
    
162
  
Amort of debt disc, premium and expense, net
  
2,894
    
2,837
    
2,755
    
2,890
    
2,918
    
2,017
  
Other interest charges
  
1,937
    
1,861
    
1,890
    
2,010
    
2,411
    
1,823
  
Interest component of rental expense
  
1,727
    
1,574
    
1,670
    
6,778
    
15,984
    
12,727
  
Fixed charges as defined
  
46,021
    
47,302
    
48,741
    
54,625
    
70,756
    
58,761
  
Tax deductible preferred dividends
  
0
    
0
    
0
    
0
    
0
    
0
  
   
46,021
    
47,302
    
48,741
    
54,625
    
70,756
    
58,761
  
Non-tax deductible preferred and preference dividends
  
3,300
    
3,881
    
6,203
    
6,203
    
6,203
    
4,652
  
Ratio of net income before taxes to net income
x
1.571
  
x
1.535
  
x
1.517
  
x
1.452
  
x
1.560
  
x
1.577
  
Preferred and preference dividend requirements
    before income taxes
 
5,184
    
 
5,957
    
 
9,410
    
 
9,007
    
 
9,677
    
 
7,336
  
Fixed charges plus preferred and preference
    dividend requirements
 
$
 
51,205
  
 
$
 
53,259
  
 
$
 
58,151
  
 
$
 
63,632
  
 
$
 
80,433
  
 
$
 
66,097
  
                                     
RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED
                                
AND PREFERENCE DIVIDEND REQUIREMENTS
  
3.33
    
3.42
    
3.57
    
3.54
    
3.36
    
3.06