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Exhibit 12(b)
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(a)
Years Ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
(millions of dollars) | ||||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||
Net income | $ | 945 | $ | 831 | $ | 789 | $ | 836 | $ | 802 | ||||||||||
Income taxes | 580 | 473 | 443 | 451 | 424 | |||||||||||||||
Fixed charges included in the determination of net income, as below | 382 | 347 | 359 | 325 | 296 | |||||||||||||||
Total earnings, as defined | $ | 1,907 | $ | 1,651 | $ | 1,591 | $ | 1,612 | $ | 1,522 | ||||||||||
Fixed charges, as defined: | ||||||||||||||||||||
Interest expense | $ | 361 | $ | 318 | $ | 334 | $ | 304 | $ | 278 | ||||||||||
Rental interest factor | 8 | 7 | 7 | 7 | 7 | |||||||||||||||
Allowance for borrowed funds used during construction | 13 | 22 | 18 | 14 | 11 | |||||||||||||||
Fixed charges included in the determination of net income | 382 | 347 | 359 | 325 | 296 | |||||||||||||||
Capitalized interest | 3 | 2 | - | - | - | |||||||||||||||
Total fixed charges, as defined | $ | 385 | $ | 349 | $ | 359 | $ | 325 | $ | 296 | ||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends(a) | 4.95 | 4.73 | 4.43 | 4.96 | 5.14 |
¾¾¾¾¾¾¾¾¾¾
(a) | Florida Power & Light Company has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends. |