Exhibit 12(a) |
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Nine Months |
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2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
(millions of dollars) | ||||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||
Income before cumulative effect of changes | ||||||||||||||||||||
in accounting principles | $ | 1,088 | $ | 1,281 | $ | 901 | $ | 896 | $ | 906 | $ | 701 | ||||||||
Preferred stock dividends of a consolidated subsidiary | - | - | - | (b) | - | (b) | 13 | 15 | ||||||||||||
Income taxes | 360 | 397 | 282 | 272 | 376 | 247 | ||||||||||||||
Fixed charges included in the determination of | ||||||||||||||||||||
net income, as below | 579 | 732 | 622 | 516 | 401 | 328 | ||||||||||||||
Amortization of capitalized interest | 9 | 11 | 11 | 8 | 4 | 2 | ||||||||||||||
Distributed income of equity method investees | 128 | 104 | 86 | 83 | 68 | 96 | ||||||||||||||
Less: Equity in earnings of equity method investees | 67 | 181 | 124 | 96 | 89 | 76 | ||||||||||||||
Total earnings, as defined | $ | 2,097 | $ | 2,344 | $ | 1,778 | $ | 1,679 | $ | 1,679 | $ | 1,313 | ||||||||
Fixed charges, as defined: | ||||||||||||||||||||
Interest charges | $ | 552 | $ | 706 | $ | 593 | $ | 489 | $ | 379 | $ | 311 | ||||||||
Rental interest factor | 17 | 15 | 16 | 16 | 17 | 14 | ||||||||||||||
Fixed charges included in nuclear fuel cost | - | - | - | - | 1 | 3 | ||||||||||||||
Allowance for borrowed funds used during construction | 10 | 11 | 13 | 11 | 4 | - | ||||||||||||||
Fixed charges included in the determination of net income | 579 | 732 | 622 | 516 | 401 | 328 | ||||||||||||||
Capitalized interest | 31 | 18 | 8 | 43 | 84 | 91 | ||||||||||||||
Dividend requirements on preferred stock of a | ||||||||||||||||||||
Consolidated subsidiary before income taxes | - | - | - | (b) | - | (b) | 20 | 23 | ||||||||||||
Total fixed charges, as defined | $ | 610 | $ | 750 | $ | 630 | $ | 559 | $ | 505 | $ | 442 | ||||||||
Ratio of earnings to fixed charges and ratio of earnings to | ||||||||||||||||||||
combined fixed charges and preferred stock dividends(a) | 3.44 | 3.13 | 2.82 | 3.00 | 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) | 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. |