Florida Power & Light 10-K2003 FY Annual report

Filed: 27 Feb 04, 12:00am

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Exhibit 12(a)

FPL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Years Ended December 31,

	2003		2002		2001		2000		1999

	(millions of dollars)

Earnings, as defined:
Income before cumulative effect of changes
in accounting principles	$	893	$	695	$	781	$	704	$	697
Income taxes		368		244		379		336		323
Fixed charges included in the determination of net income, as below		397		328		337		296		234
Amortization of capitalized interest		4		2		1		-		-
Distributed income of independent power investments		68		96		62		80		75
Less: Equity in earnings of independent power investments		89		76		81		45		50
Less: Equity in earnings of independent power investments
Total earnings, as defined	$	1,641	$	1,289	$	1,479	$	1,371	$	1,279
Total earnings, as defined

Fixed charges, as defined:
Interest charges	$	379	$	311	$	324	$	278	$	222
Rental interest factor		17		14		8		9		4
Fixed charges included in nuclear fuel cost		1		3		5		9		8
Fixed charges included in nuclear fuel cost
Fixed charges included in the determination of net income		397		328		337		296		234
Capitalized interest		88		91		55		23		9
Capitalized interest

Total fixed charges, as defined	$	485	$	419	$	392	$	319	$	243
Total fixed charges, as defined

Ratio of earnings to fixed charges		3.38		3.08		3.77		4.30		5.26
Ratio of earnings to fixed charges