Florida Power & Light 10-K 2013 FY Annual report

Exhibit 12(b)

FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS^(a) 

	Years Ended December 31,
	2013		2012		2011		2010		2009
	(millions of dollars)
Earnings, as defined:
Net income	$	1,349	$	1,240	$	1,068	$	945	$	831
Income taxes	835		752		654		580		473
Fixed charges included in the determination of net income, as below	451		450		411		382		347
Total earnings, as defined	$	2,635	$	2,442	$	2,133	$	1,907	$	1,651
Fixed charges, as defined:
Interest expense	$	415	$	417	$	387	$	361	$	318
Rental interest factor	10		11		8		8		7
Allowance for borrowed funds used during construction	26		22		16		13		22
Fixed charges included in the determination of net income	451		450		411		382		347
Capitalized interest	—		—		1		3		2
Total fixed charges, as defined	$	451	$	450	$	412	$	385	$	349
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends(a)	5.84		5.43		5.18		4.95		4.73

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(a) Florida Power & Light Company 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.