- Track your favorite companies
- Receive email alerts for new filings
- Personalized dashboard of news and more
- Access all data and search results
Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
8th grade Avg
|
- 10-K Annual report
- 10.27 Form of Restricted Stock Agreement Between Teco Energy, Inc. & Certain Officers
- 10.28 Form of Nonstatutory Stock Option Under the Teco Energy, Inc. 1997
- 10.38 Consent and Acceleration Agreement
- 12.1 Ratio of Earnings to Fixed Charges - Teco Energy, Inc.
- 12.2 Ratio of Earnings to Fixed Charges - Tampa Electric Company
- 21 Subsidiaries of the Registrant
- 23.1 Consent of Independent Certified Public Accountants - Teco Energy, Inc.
- 23.2 Consent of Independent Certified Public Accountants - Tampa Electric Company
- 24.1.1 Power of Attorney - Teco Energy, Inc.
- 24.1.2 Power of Attorney - Tampa Electric Company
- 24.2.1 Certified Copy of Resolution Authorizing Power of Attorney - Teco Energy, Inc.
- 24.2.2 Certified Copy of Resolution Authorizing Power of Attorney - Tampa Electric Co.
Exhibit 12.2
TAMPA ELECTRIC COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the company’s ratio of earnings to fixed charges for the periods indicated.
Year Ended December 31, | ||||||||||||||||||||
$ millions | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||
Income before income tax | $ | 296.3 |
| $ | 274.7 |
| $ | 261.8 |
| $ | 226.3 |
| $ | 232.3 |
| |||||
Interest expense (3) |
| 80.4 |
|
| 81.8 |
|
| 84.7 |
|
| 81.7 |
|
| 67.4 |
| |||||
Preferred stock dividends |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |||||
Earnings before taxes and fixed charges | $ | 376.7 |
| $ | 356.5 |
| $ | 346.5 |
| $ | 308.0 |
| $ | 299.7 |
| |||||
Interest expense (3) | $ | 80.4 |
| $ | 81.8 |
| $ | 84.7 |
| $ | 81.7 |
| $ | 67.4 |
| |||||
Interest on refunding bonds |
| (0.9 | ) |
| (1.0 | ) |
| (1.0 | ) |
| (1.0 | ) |
| (1.0 | ) | |||||
Preferred stock dividends |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |||||
Total fixed charges | $ | 79.5 |
| $ | 80.8 |
| $ | 83.7 |
| $ | 80.7 |
| $ | 66.4 |
| |||||
Ratio of earnings to fixed charges |
| 4.74x |
|
| 4.41x |
|
| 4.14x |
|
| 3.82x | (1) |
| 4.51x | (2) | |||||
For the purposes of calculating these ratios, earnings consist of income from continuing operations before income taxes, income or loss from equity investments and fixed charges. Fixed charges consist of interest on indebtedness, amortization of debt premium, the interest component of rentals and preferred stock dividend requirements.
(1) | Includes the effect of other non-operating pretax items totaling $18.3 million recorded in the third and fourth quarters of 1999. Charges consisted of the following: $10.5 million recorded based on Florida Public Service Commission audits of Tampa Electric’s 1997 and 1998 earnings, which limited Tampa Electric’s equity ratio to 58.7 percent; $3.5 million to resolve litigation filed by the U.S. Environmental Protection Agency; and $4.3 million for corporate income tax settlements related to prior years’ tax returns. The effect of these items was to reduce the ratio of earnings to fixed charges. Had these items been excluded from the calculation, the ratio of earnings to fixed charges would have been 4.61 for the year ended Dec. 31, 1999. |
(2) | Includes the effect of other non-operating pretax items totaling $16.9 million, as more fully explained in Note I to Item 8, Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the 1998 fiscal year. The effect of these charges was to reduce the ratio of earnings to fixed charges. Had these items been excluded from the calculation, the ratio of earnings to fixed charges would have been 4.66 for the year ended Dec. 31, 1998. |
(3) | Interest expense includes total interest expense, excluding AFUDC, and an estimate of the interest component of rentals. |