Exhibit No. 12 (b)
CAROLINA POWER & LIGHT COMPANY
d/b/a PROGRESS ENERGY CAROLINAS, INC.
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined
For the Twelve Months Ended September 30
d/b/a PROGRESS ENERGY CAROLINAS, INC.
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined
For the Twelve Months Ended September 30
(dollars in millions) | 2008 | 2007 | ||||||
Earnings, as defined: | ||||||||
Income before cumulative effect of changes in accounting principles | $ | 514 | $ | 523 | ||||
Fixed charges, as below | 220 | 233 | ||||||
Income taxes, as below | 297 | 287 | ||||||
Total earnings, as defined | $ | 1,031 | $ | 1,043 | ||||
Fixed Charges, as defined: | ||||||||
Interest on long-term debt | $ | 209 | $ | 217 | ||||
Other interest | 2 | 11 | ||||||
Imputed interest factor in rentals – charged principally to operating expenses | 9 | 5 | ||||||
Total fixed charges, as defined | 220 | 233 | ||||||
Preferred dividends, as defined | 5 | 5 | ||||||
Total fixed charges and preferred dividends combined | $ | 225 | $ | 238 | ||||
Income Taxes: | ||||||||
Income tax expense | $ | 302 | $ | 292 | ||||
Included in AFUDC – deferred taxes in book depreciation | (5 | ) | (5 | ) | ||||
Total income taxes | $ | 297 | $ | 287 | ||||
Ratio of Earnings to Fixed Charges | 4.69 | 4.48 | ||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined | 4.58 | 4.38 | ||||||
Exhibit No. 12 (b)
CAROLINA POWER & LIGHT COMPANY
d/b/a PROGRESS ENERGY CAROLINAS, INC.
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined
For the Years Ended December 31
d/b/a PROGRESS ENERGY CAROLINAS, INC.
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined
For the Years Ended December 31
(dollars in millions) | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||
Earnings, as defined: | ||||||||||||||||||||
Income before cumulative effect of changes in accounting principles | $ | 501 | $ | 457 | $ | 493 | $ | 461 | $ | 504 | ||||||||||
Fixed charges, as below | 223 | 225 | 205 | 201 | 206 | |||||||||||||||
Income taxes, as below | 290 | 260 | 234 | 234 | 233 | |||||||||||||||
Total earnings, as defined | $ | 1,014 | $ | 942 | $ | 932 | $ | 896 | $ | 943 | ||||||||||
Fixed Charges, as defined: | ||||||||||||||||||||
Interest on long-term debt | $ | 214 | $ | 218 | $ | 191 | $ | 183 | $ | 188 | ||||||||||
Other interest | 1 | (1 | ) | 6 | 11 | 11 | ||||||||||||||
Imputed interest factor in rentals — charged principally to operating expenses | 8 | 8 | 8 | 7 | 7 | |||||||||||||||
Total fixed charges, as defined | 223 | 225 | 205 | 201 | 206 | |||||||||||||||
Preferred dividends, as defined | 5 | 5 | 4 | 5 | 4 | |||||||||||||||
Total fixed charges and preferred dividends combined | $ | 228 | $ | 230 | $ | 209 | $ | 206 | $ | 210 | ||||||||||
Income Taxes: | ||||||||||||||||||||
Income tax expense | $ | 295 | $ | 265 | $ | 239 | $ | 239 | $ | 241 | ||||||||||
Included in AFUDC — deferred taxes in book depreciation | (5 | ) | (5 | ) | (5 | ) | (5 | ) | (8 | ) | ||||||||||
Total income taxes | $ | 290 | $ | 260 | $ | 234 | $ | 234 | $ | 233 | ||||||||||
Ratio of Earnings to Fixed Charges | 4.55 | 4.19 | 4.55 | 4.45 | 4.59 | |||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined | 4.45 | 4.10 | 4.46 | 4.36 | 4.50 | |||||||||||||||