Exhibit 12.2
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges plus preference
dividend requirements for the five years ended December 31, 2012
and the year to date March 31, 2013
| Year ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |||||||||||||||||||
| -----------------------------------------------Thousands of Dollars----------------------------------------------- | ||||||||||||||||||||||||
| EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: | ||||||||||||||||||||||||
| Earnings Before Income Taxes | $ | 158,651 | $ | 170,461 | $ | 199,227 | $ | 172,475 | $ | 211,346 | $ | 37,429 | ||||||||||||
| Interest expense, net of amounts capitalized | 43,098 | 38,358 | 51,897 | 58,150 | 60,250 | 14,369 | ||||||||||||||||||
| Interest component of rental expense | 1,670 | 6,778 | 15,984 | 15,655 | 14,892 | 2,660 | ||||||||||||||||||
| AFUDC - Debt funds | 3,973 | 9,489 | 2,875 | 3,951 | 2,500 | 601 | ||||||||||||||||||
| Earnings as defined | $ | 207,392 | $ | 225,086 | $ | 269,983 | $ | 250,231 | $ | 288,988 | $ | 55,059 | ||||||||||||
| FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: | ||||||||||||||||||||||||
| Interest on long-term debt | $ | 41,174 | $ | 42,166 | $ | 49,298 | $ | 56,677 | $ | 57,942 | $ | 13,984 | ||||||||||||
| Interest on affiliated loans | 739 | 80 | 108 | 130 | 172 | 74 | ||||||||||||||||||
| Interest on interim obligations | 513 | 701 | 37 | 197 | 100 | 34 | ||||||||||||||||||
| Amort of debt disc, premium and expense, net | 2,755 | 2,890 | 2,918 | 2,686 | 2,602 | 650 | ||||||||||||||||||
| Other interest charges | 1,890 | 2,010 | 2,410 | 2,411 | 1,933 | 228 | ||||||||||||||||||
| Interest component of rental expense | 1,670 | 6,778 | 15,984 | 15,655 | 14,892 | 2,660 | ||||||||||||||||||
| Fixed charges as defined | 48,741 | 54,625 | 70,755 | 77,756 | 77,641 | 17,630 | ||||||||||||||||||
| Non-tax deductible preference dividends | 6,203 | 6,203 | 6,203 | 6,203 | 6,203 | 1,551 | ||||||||||||||||||
| Ratio of net income before taxes to net income | x | 1.518 | x | 1.452 | x | 1.560 | x | 1.551 | x | 1.599 | x | 1.604 | ||||||||||||
| Preference dividend requirements before income taxes | 9,413 | 9,004 | 9,676 | 9,620 | 9,922 | 2,487 | ||||||||||||||||||
| Fixed charges plus preference dividend requirements | $ | 58,154 | $ | 63,629 | $ | 80,431 | $ | 87,376 | $ | 87,563 | $ | 20,117 | ||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERENCE DIVIDEND REQUIREMENTS | 3.57 | 3.54 | 3.36 | 2.86 | 3.30 | 2.74 | ||||||||||||||||||