Exhibit 12.1 |
5/4/2011 |
GULF POWER COMPANY | ||||||||||||||||||
Computation of ratio of earnings to fixed charges for | ||||||||||||||||||
the five years ended December 31, 2010 | ||||||||||||||||||
and the year to date March 31, 2011 |
Three | ||||||||||||||||||
Months | ||||||||||||||||||
Ended | ||||||||||||||||||
Year ended December 31, | March 31, | |||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||||
--------------------------------------------------Thousands of Dollars-------------------------------------------------- | ||||||||||||||||||
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: | ||||||||||||||||||
Earnings before income taxes | $ | 124,582 | $ | 135,082 | $ | 158,651 | $ | 170,461 | $ | 199,228 | $ | 20,001 | ||||||
Interest expense, net of amounts capitalized | 44,134 | 44,680 | 43,098 | 38,358 | 51,897 | 13,629 | ||||||||||||
Distributions on mandatorily redeemable preferred securities | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
AFUDC - Debt funds | 160 | 1,048 | 3,973 | 9,489 | 2,875 | 851 | ||||||||||||
Earnings as defined | $ | 168,876 | $ | 180,810 | $ | 205,722 | $ | 218,308 | $ | 254,000 | $ | 34,481 | ||||||
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: | ||||||||||||||||||
Interest on long-term debt | $ | 28,863 | $ | 36,351 | $ | 41,174 | $ | 42,166 | $ | 49,298 | $ | 13,110 | ||||||
Interest on affiliated loans | 6,887 | 4,510 | 739 | 80 | 108 | 38 | ||||||||||||
Interest on interim obligations | 3,713 | 169 | 513 | 701 | 37 | 11 | ||||||||||||
Amort of debt disc, premium and expense, net | 2,894 | 2,837 | 2,755 | 2,890 | 2,918 | 670 | ||||||||||||
Other interest charges | 1,937 | 1,861 | 1,890 | 2,010 | 2,411 | 651 | ||||||||||||
Distributions on mandatorily redeemable preferred securities | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Fixed charges as defined | $ | 44,294 | $ | 45,728 | $ | 47,071 | $ | 47,847 | $ | 54,772 | $ | 14,480 | ||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.81 | 3.95 | 4.37 | 4.56 | 4.64 | 2.38 |