Exhibit 12(a) | |||||||||||||||||
| |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2006 | 2005(b) | 2004(b) | 2003(b) | 2002(b) | |||||||||||||
(millions of dollars) | |||||||||||||||||
Earnings, as defined: | |||||||||||||||||
Income before cumulative effect of changes | |||||||||||||||||
in accounting principles | $ | 1,281 | $ | 901 | $ | 896 | $ | 906 | $ | 701 | |||||||
Preferred stock dividends of a consolidated subsidiary | - | - | (c) | - | (c) | 13 | 15 | ||||||||||
Income taxes | 397 | 282 | 272 | 376 | 247 | ||||||||||||
Fixed charges included in the determination of | |||||||||||||||||
net income, as below | 721 | 609 | 505 | 397 | 328 | ||||||||||||
Amortization of capitalized interest | 11 | 11 | 8 | 4 | 2 | ||||||||||||
Distributed income of equity method investees | 104 | 86 | 83 | 68 | 96 | ||||||||||||
Less: Equity in earnings of equity method investees | 181 | 124 | 96 | 89 | 76 | ||||||||||||
Total earnings, as defined | $ | 2,333 | $ | 1,765 | $ | 1,668 | $ | 1,675 | $ | 1,313 | |||||||
Fixed charges, as defined: | |||||||||||||||||
Interest charges | $ | 706 | $ | 593 | $ | 489 | $ | 379 | $ | 311 | |||||||
Rental interest factor | 15 | 16 | 16 | 17 | 14 | ||||||||||||
Fixed charges included in nuclear fuel cost | - | - | - | 1 | 3 | ||||||||||||
Fixed charges included in the determination of net income | 721 | 609 | 505 | 397 | 328 | ||||||||||||
Capitalized interest | 29 | 21 | 54 | 88 | 91 | ||||||||||||
Dividend requirements on preferred stock of a | |||||||||||||||||
consolidated subsidiary before income taxes | - | - | (c) | - | (c) | 20 | 23 | ||||||||||
Total fixed charges, as defined | $ | 750 | $ | 630 | $ | 559 | $ | 505 | $ | 442 | |||||||
Ratio of earnings to fixed charges and ratio of earnings to | |||||||||||||||||
combined fixed charges and preferred stock dividends(a) | 3.11 | 2.80 | 2.98 | 3.32 | 2.97 | ||||||||||||
_____________________ | |||||||||||||||||
(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) | Amounts have been adjusted to reflect the retrospective application of FASB Staff Position AUG AIR-1, "Accounting for Planned Major Maintenance Activities." | ||||||||||||||||
(c) | A portion of Florida Power & Light Company's preferred stock was owned by FPL Group, Inc. and was eliminated in consolidation. Accordingly, those dividends are not included herein. |
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10-K Filing
Florida Power & Light 10-K2006 FY Annual report
Filed: 27 Feb 07, 12:00am