Exhibit 12
PROGRESS ENERGY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(millions of dollars) | ||||||||
Nine Months Ended September 30 | 2005 | 2004 | ||||||
Earnings, as defined: | ||||||||
Income from continuing operations before minority interest | $ | 537 | $ | 531 | ||||
Fixed charges, as below | 517 | 501 | ||||||
Amortization of capitalized interest | 1 | 1 | ||||||
Preferred dividend requirements | (5 | ) | (5 | ) | ||||
Minority interest | 24 | 6 | ||||||
Capitalized interest | (3 | ) | (6 | ) | ||||
Income taxes, as below | (82 | ) | 136 | |||||
Total earnings, as defined | $ | 989 | $ | 1,164 | ||||
Fixed Charges, as defined: | ||||||||
Interest on long-term debt | $ | 459 | $ | 438 | ||||
Other interest | 43 | 42 | ||||||
Imputed interest factor in rentals – charged principally to operating expenses | 10 | 16 | ||||||
Preferred dividend requirements of subsidiaries | 5 | 5 | ||||||
Total fixed charges, as defined | $ | 517 | $ | 501 | ||||
Income Taxes: | ||||||||
Income tax expense (benefit) | $ | (78 | ) | $ | 140 | |||
Included in AFUDC – deferred taxes in book depreciation | (4 | ) | (4 | ) | ||||
Total income taxes | $ | (82 | ) | $ | 136 | |||
Ratio of Earnings to Fixed Charges | 1.91 | 2.32 | ||||||