Exhibit 12(a) | |||||||||||||||||
| |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||
(millions of dollars) | |||||||||||||||||
Earnings, as defined: | |||||||||||||||||
Income before cumulative effect of changes | |||||||||||||||||
in accounting principles | $ | 1,312 | $ | 1,281 | $ | 901 | $ | 896 | $ | 906 | |||||||
Preferred stock dividends of a consolidated subsidiary | - | - | - | (b) | - | (b) | 13 | ||||||||||
Income taxes | 368 | 397 | 282 | 272 | 376 | ||||||||||||
Fixed charges included in the determination of | |||||||||||||||||
net income, as below | 799 | 732 | 622 | 516 | 401 | ||||||||||||
Amortization of capitalized interest | 12 | 11 | 11 | 8 | 4 | ||||||||||||
Distributed income of equity method investees | 175 | 104 | 86 | 83 | 68 | ||||||||||||
Less: Equity in earnings of equity method investees | 68 | 181 | 124 | 96 | 89 | ||||||||||||
Total earnings, as defined | $ | 2,598 | $ | 2,344 | $ | 1,778 | $ | 1,679 | $ | 1,679 | |||||||
Fixed charges, as defined: | |||||||||||||||||
Interest charges | $ | 762 | $ | 706 | $ | 593 | $ | 489 | $ | 379 | |||||||
Rental interest factor | 23 | 15 | 16 | 16 | 17 | ||||||||||||
Fixed charges included in nuclear fuel cost | - | - | - | - | 1 | ||||||||||||
Allowance for borrowed funds used during construction | 14 | 11 | 13 | 11 | 4 | ||||||||||||
Fixed charges included in the determination of net income | 799 | 732 | 622 | 516 | 401 | ||||||||||||
Capitalized interest | 40 | 18 | 8 | 43 | 84 | ||||||||||||
Dividend requirements on preferred stock of a | |||||||||||||||||
consolidated subsidiary before income taxes | - | - | - | (b) | - | (b) | 20 | ||||||||||
Total fixed charges, as defined | $ | 839 | $ | 750 | $ | 630 | $ | 559 | $ | 505 | |||||||
Ratio of earnings to fixed charges and ratio of earnings to | |||||||||||||||||
combined fixed charges and preferred stock dividends(a) | 3.10 | 3.13 | 2.82 | 3.00 | 3.32 | ||||||||||||
_____________________ | |||||||||||||||||
(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. |
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10-K Filing
Florida Power & Light 10-K2007 FY Annual report
Filed: 28 Feb 08, 12:00am