Exhibit 12 |
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Years Ended December 31, | |||||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||
(millions of dollars) | |||||||||||||||||||
Earnings, as defined: | |||||||||||||||||||
Income before cumulative effect of changes | |||||||||||||||||||
in accounting principles | $ | 893 | $ | 695 | $ | 781 | $ | 704 | $ | 697 | $ | 664 | |||||||
Preferred stock dividends of a consolidated subsidiary | 13 | 15 | 15 | 15 | 15 | 15 | |||||||||||||
Income taxes | 368 | 244 | 379 | 336 | 323 | 279 | |||||||||||||
Fixed charges included in the determination of | |||||||||||||||||||
net income, as below | 397 | 328 | 337 | 296 | 234 | 335 | |||||||||||||
Amortization of capitalized interest | 4 | 2 | 1 | - | - | - | |||||||||||||
Distributed income of independent power investments | 68 | 96 | 62 | 80 | 75 | 68 | |||||||||||||
Less: Equity in earnings of independent power | |||||||||||||||||||
investments | 89 | 76 | 81 | 45 | 50 | 39 | |||||||||||||
Total earnings, as defined | $ | 1,654 | $ | 1,304 | $ | 1,494 | $ | 1,386 | $ | 1,294 | $ | 1,322 | |||||||
Fixed charges, as defined: | |||||||||||||||||||
Interest charges | $ | 379 | $ | 311 | $ | 324 | $ | 278 | $ | 222 | $ | 322 | |||||||
Rental interest factor | 17 | 14 | 8 | 9 | 4 | 4 | |||||||||||||
Fixed charges included in nuclear fuel cost | 1 | 3 | 5 | 9 | 8 | 9 | |||||||||||||
Fixed charges included in the determination of net | |||||||||||||||||||
income | 397 | 328 | 337 | 296 | 234 | 335 | |||||||||||||
Capitalized interest | 88 | 91 | 55 | 23 | 9 | 2 | |||||||||||||
Dividend requirements on preferred stock of a | |||||||||||||||||||
consolidated subsidiary before income taxes | 20 | 23 | 23 | 23 | 23 | 23 | |||||||||||||
Total fixed charges, as defined | $ | 505 | $ | 442 | $ | 415 | $ | 342 | $ | 266 | $ | 360 | |||||||
Ratio of earnings to fixed charges and ratio of earnings | |||||||||||||||||||
to fixed charges plus preferred dividends(1) | 3.28 | 2.95 | 3.60 | 4.05 | 4.86 | 3.67 | |||||||||||||
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(1) | FPL Group, Inc. has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to fixed charges plus preferred dividends. |