Exhibit 12(b) | ||||||||||||||||
| ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||
(millions of dollars) | ||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||
Earnings, as defined: | ||||||||||||||||
Net income | $ | 802 | $ | 748 | $ | 750 | $ | 755 | $ | 732 | ||||||
Income taxes | 424 | 408 | 409 | 403 | 413 | |||||||||||
Fixed charges, as below | 296 | 244 | 202 | 186 | 177 | |||||||||||
Total earnings, as defined | $ | 1,522 | $ | 1,400 | $ | 1,361 | $ | 1,344 | $ | 1,322 | ||||||
Fixed charged, as defined: | ||||||||||||||||
Interest charges | $ | 278 | $ | 224 | $ | 183 | $ | 173 | $ | 166 | ||||||
Rental interest factor | 7 | 7 | 8 | 8 | 8 | |||||||||||
Fixed charges included in nuclear fuel cost | - | - | - | 1 | 3 | |||||||||||
Capitalized interest | 11 | 13 | 11 | 4 | - | |||||||||||
Total fixed charges, as defined | $ | 296 | $ | 244 | $ | 202 | $ | 186 | $ | 177 | ||||||
Ratio of earnings to fixed charges | 5.14 | 5.74 | 6.74 | 7.23 | 7.47 | |||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES | ||||||||||||||||
AND PREFERRED STOCK DIVIDENDS | ||||||||||||||||
Earnings, as defined: | ||||||||||||||||
Net income | $ | 802 | $ | 748 | $ | 750 | $ | 755 | $ | 732 | ||||||
Income taxes | 424 | 408 | 409 | 403 | 413 | |||||||||||
Fixed charges, as below | 296 | 244 | 202 | 186 | 177 | |||||||||||
Total earnings, as defined | $ | 1,522 | $ | 1,400 | $ | 1,361 | $ | 1,344 | $ | 1,322 | ||||||
Fixed charged, as defined: | ||||||||||||||||
Interest charges | $ | 278 | $ | 224 | $ | 183 | $ | 173 | $ | 166 | ||||||
Rental interest factor | 7 | 7 | 8 | 8 | 8 | |||||||||||
Fixed charges included in nuclear fuel cost | - | - | - | 1 | 3 | |||||||||||
Capitalized interest | 11 | 13 | 11 | 4 | - | |||||||||||
Total fixed charges, as defined | 296 | 244 | 202 | 186 | 177 | |||||||||||
Non-tax deductible preferred stock dividends | - | - | 1 | 13 | 15 | |||||||||||
Ratio of income before income taxes to net income | 1.53 | 1.55 | 1.55 | 1.53 | 1.56 | |||||||||||
Preferred stock dividends before income taxes | - | - | 2 | 20 | 23 | |||||||||||
Combined fixed charges and preferred stock dividends | $ | 296 | $ | 244 | $ | 204 | $ | 206 | $ | 200 | ||||||
Ratio of earnings to combined fixed charges | ||||||||||||||||
and preferred stock dividends | 5.14 | 5.74 | 6.67 | 6.52 | 6.61 | |||||||||||
_____________________ | ||||||||||||||||
(a) | Florida Power & Light Company's preference equity securities were redeemed in January 2005. For the year ended December 31, 2005, preferred stock dividends were less than $1 million. Therefore, for the years ended December 31, 2006 and 2005, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends. |
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10-K Filing
Florida Power & Light 10-K2006 FY Annual report
Filed: 27 Feb 07, 12:00am