Exhibit 12.1 | |||||||||||||||||
GULF POWER COMPANY | |||||||||||||||||
Computation of ratio of earnings to fixed charges 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 | |||||||||||||||||
Amortization 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 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 4.25 | 4.12 | 3.82 | 3.22 | 3.72 | 3.12 |