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| Exhibit 12.2 |
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| 10/12/2007 |
GULF POWER COMPANY | |||||||||||||||||
Computation of ratio of earnings to fixed charges plus preferred and | |||||||||||||||||
preference dividend requirements for the five years ended December 31, 2006 | |||||||||||||||||
and the year to date June 30, 2007 | |||||||||||||||||
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| Six |
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| Months |
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| Ended |
| Year ended December 31, |
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| June 30, | |||||||||||||
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| 2002 |
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| 2003 |
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| 2004 |
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| 2005 |
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| 2006 |
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| 2007 |
| --------------------------------------------------Thousands of Dollars-------------------------------------------------- | ||||||||||||||||
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Earnings before income taxes | $ | 104,397 |
| $ | 110,104 |
| $ | 108,135 |
| $ | 120,951 |
| $ | 124,582 |
| $ | 66,148 |
Interest expense, net of amounts capitalized |
| 31,452 |
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| 31,069 |
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| 34,925 |
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| 40,317 |
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| 44,133 |
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| 22,530 |
Distributions on mandatorily redeemable preferred securities | 8,524 |
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| 7,085 |
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| 1,113 |
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| 0 |
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| 0 |
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| 0 | |
AFUDC - Debt funds |
| 1,392 |
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| 314 |
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| 819 |
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| 515 |
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| 160 |
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| 381 |
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Earnings as defined | $ | 145,765 |
| $ | 148,572 |
| $ | 144,992 |
| $ | 161,783 |
| $ | 168,875 |
| $ | 89,059 |
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Interest on long-term debt | $ | 28,815 |
| $ | 27,194 |
| $ | 27,693 |
| $ | 29,718 |
| $ | 28,863 |
| $ | 16,991 |
Interest on affiliated loans |
| 629 |
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| 202 |
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| 3,530 |
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| 5,018 |
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| 6,887 |
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| 3,170 |
Interest on interim obligations |
| 446 |
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| 197 |
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| 241 |
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| 1,472 |
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| 3,713 |
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| 114 |
Amort of debt disc, premium and expense, net |
| 2,591 |
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| 2,895 |
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| 3,050 |
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| 2,963 |
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| 2,894 |
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| 1,418 |
Other interest charges |
| 363 |
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| 895 |
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| 1,230 |
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| 1,661 |
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| 1,936 |
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| 1,218 |
Distributions on mandatorily redeemable preferred securities | 8,524 |
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| 7,085 |
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| 1,113 |
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| 0 |
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| 0 |
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| 0 | |
Fixed charges as defined |
| 41,368 |
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| 38,468 |
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| 36,857 |
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| 40,832 |
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| 44,293 |
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| 22,911 |
Tax deductible preferred dividends |
| 5 |
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| 5 |
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| 5 |
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| 5 |
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| 0 |
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| 0 |
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| 41,373 |
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| 38,473 |
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| 36,862 |
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| 40,837 |
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| 44,293 |
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| 22,911 |
Non-tax deductible preferred and preference dividends |
| 212 |
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| 212 |
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| 212 |
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| 756 |
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| 3,300 |
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| 1,650 |
Ratio of net income before taxes to net income | x | 1.552 |
| x | 1.590 |
| x | 1.580 |
| x | 1.592 |
| x | 1.571 |
| x | 1.583 |
Preferred and preference dividend requirements |
| 329 |
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| 337 |
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| 335 |
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| 1,204 |
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| 5,184 |
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| 2,612 |
Fixed charges plus preferred and preference | $ | 41,702 |
| $ | 38,810 |
| $ | 37,197 |
| $ | 42,041 |
| $ | 49,477 |
| $ | 25,523 |
RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED |
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AND PREFERENCE DIVIDEND REQUIREMENTS |
| 3.50 |
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| 3.83 |
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| 3.90 |
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| 3.85 |
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| 3.41 |
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| 3.49 |