Florida Power & Light 10-K2003 FY Annual report

Filed: 27 Feb 04, 12:00am

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Exhibit 12(b)

FLORIDA POWER & LIGHT COMPANY
COMPUTATION OF RATIOS

	Years Ended December 31,

	2003		2002		2001		2000		1999

	(millions of dollars)
RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:
Net income	$	755	$	732	$	694	$	622	$	591
Income taxes		403		413		383		341		324
Fixed charges, as below		186		177		198		192		174
Fixed charges, as below

Total earnings, as defined	$	1,344	$	1,322	$	1,275	$	1,155	$	1,089
Total earnings, as defined

Fixed charged, as defined:
Interest charges	$	173	$	166	$	187	$	176	$	163
Rental interest factor		8		8		6		7		3
Fixed charges included in nuclear fuel cost		1		3		5		9		8
Capitalized interest		4		-		-		-		-
Capitalized interest

Total fixed charges, as defined	$	186	$	177	$	198	$	192	$	174
Total fixed charges, as defined

Ratio of earnings to fixed charges		7.23		7.47		6.44		6.02		6.26
Ratio of earnings to fixed charges


RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

Earnings, as defined:
Net income	$	755	$	732	$	694	$	622	$	591
Income taxes		403		413		383		341		324
Fixed charges, as below		186		177		198		192		174
Fixed charges, as below

Total earnings, as defined	$	1,344	$	1,322	$	1,275	$	1,155	$	1,089
Total earnings, as defined

Fixed charged, as defined:
Interest charges	$	173	$	166	$	187	$	176	$	163
Rental interest factor		8		8		6		7		3
Fixed charges included in nuclear fuel cost		1		3		5		9		8
Capitalized interest		4		-		-		-		-
Capitalized interest

Total fixed charges, as defined		186		177		198		192		174
Total fixed charges, as defined

Non-tax deductible preferred stock dividends		13		15		15		15		15
Ratio of income before income taxes to net income		1.53		1.56		1.55		1.55		1.55
Ratio of income before income taxes to net income

Preferred stock dividends before income taxes		20		23		23		23		23
Preferred stock dividends before income taxes

Combined fixed charges and preferred stock dividends	$	206	$	200	$	221	$	215	$	197
Combined fixed charges and preferred stock dividends

Ratio of earnings to combined fixed charges and preferred stock dividends		6.52		6.61		5.77		5.37		5.53