Exhibit 12(a) |
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Years Ended December 31, | |||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||
(millions of dollars) | |||||||||||||||||
Earnings, as defined: | |||||||||||||||||
Income before cumulative effect of changes | |||||||||||||||||
in accounting principles | $ | 887 | $ | 893 | $ | 695 | $ | 781 | $ | 704 | |||||||
Preferred stock dividends of a consolidated subsidiary | - | (b) | 13 | 15 | 15 | 15 | |||||||||||
Income taxes | 267 | 368 | 244 | 379 | 336 | ||||||||||||
Fixed charges included in the determination of | |||||||||||||||||
net income, as below | 505 | 397 | 328 | 337 | 296 | ||||||||||||
Amortization of capitalized interest | 8 | 4 | 2 | 1 | - | ||||||||||||
Distributed income of equity method investees | 83 | 68 | 96 | 62 | 80 | ||||||||||||
Less: Equity in earnings of equity method investees | 94 | 89 | 76 | 81 | 45 | ||||||||||||
Total earnings, as defined | $ | 1,656 | $ | 1,654 | $ | 1,304 | $ | 1,494 | $ | 1,386 | |||||||
Fixed charges, as defined: | |||||||||||||||||
Interest charges | $ | 489 | $ | 379 | $ | 311 | $ | 324 | $ | 278 | |||||||
Rental interest factor | 16 | 17 | 14 | 8 | 9 | ||||||||||||
Fixed charges included in nuclear fuel cost | - | 1 | 3 | 5 | 9 | ||||||||||||
Fixed charges included in the determination of net | |||||||||||||||||
income | 505 | 397 | 328 | 337 | 296 | ||||||||||||
Capitalized interest | 54 | 88 | 91 | 55 | 23 | ||||||||||||
Dividend requirements on preferred stock of a | |||||||||||||||||
consolidated subsidiary before income taxes | - | (b) | 20 | 23 | 23 | 23 | |||||||||||
Total fixed charges, as defined | $ | 559 | $ | 505 | $ | 442 | $ | 415 | $ | 342 | |||||||
Ratio of earnings to fixed charges and ratio of earnings to | |||||||||||||||||
combined fixed charges and preferred stock dividends(a) | 2.96 | 3.28 | 2.95 | 3.60 | 4.05 | ||||||||||||
_____________________ | |||||||||||||||||
(a) | FPL Group, Inc. has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends. | ||||||||||||||||
(b) | A portion of Florida Power & Light Company's preferred stock is owned by FPL Group, Inc. and is eliminated in consolidation. Accordingly, those dividends are not included herein. |