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| Exhibit 12.1 |
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| 6/17/2009 |
GULF POWER COMPANY | |||||||||||||||||
Computation of ratio of earnings to fixed charges for | |||||||||||||||||
the five years ended December 31, 2008 | |||||||||||||||||
and the year to date March 31, 2009 | |||||||||||||||||
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| Three |
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| Months |
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| Ended |
| Year ended December 31, |
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| March 31, | |||||||||||||
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| 2004 |
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| 2005 |
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| 2006 |
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| 2007 |
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| 2008 |
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| 2009 |
| --------------------------------------------------Thousands of Dollars-------------------------------------------------- | ||||||||||||||||
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Earnings before income taxes | $ | 108,135 |
| $ | 120,951 |
| $ | 124,582 |
| $ | 135,082 |
| $ | 158,651 |
| $ | 25,493 |
Interest expense, net of amounts capitalized |
| 34,925 |
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| 40,317 |
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| 44,133 |
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| 44,680 |
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| 43,098 |
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| 9,832 |
Distributions on mandatorily redeemable preferred securities | 1,113 |
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| 0 |
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| 0 |
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| 0 |
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| 0 |
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| 0 | |
AFUDC - Debt funds |
| 819 |
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| 515 |
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| 160 |
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| 1,048 |
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| 3,973 |
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| 1,920 |
Earnings as defined | $ | 144,992 |
| $ | 161,783 |
| $ | 168,875 |
| $ | 180,810 |
| $ | 205,722 |
| $ | 37,245 |
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Interest on long-term debt | $ | 27,693 |
| $ | 29,718 |
| $ | 28,863 |
| $ | 36,351 |
| $ | 41,174 |
| $ | 10,283 |
Interest on affiliated loans |
| 3,530 |
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| 5,018 |
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| 6,887 |
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| 4,510 |
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| 739 |
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| 38 |
Interest on interim obligations |
| 241 |
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| 1,472 |
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| 3,713 |
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| 169 |
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| 513 |
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| 323 |
Amort of debt disc, premium and expense, net |
| 3,050 |
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| 2,963 |
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| 2,894 |
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| 2,837 |
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| 2,755 |
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| 661 |
Other interest charges |
| 1,230 |
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| 1,661 |
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| 1,936 |
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| 1,861 |
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| 1,890 |
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| 447 |
Distributions on mandatorily redeemable preferred securities | 1,113 |
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| 0 |
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| 0 |
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| 0 |
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| 0 |
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| 0 | |
Fixed charges as defined | $ | 36,857 |
| $ | 40,832 |
| $ | 44,293 |
| $ | 45,728 |
| $ | 47,071 |
| $ | 11,752 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 3.93 |
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| 3.96 |
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| 3.81 |
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| 3.95 |
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| 4.37 |
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| 3.17 |