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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, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||||||
Net income | $ | 1,517 | $ | 1,349 | $ | 1,240 | $ | 1,068 | $ | 945 | ||||||||||||||
Income taxes | 910 | 835 | 752 | 654 | 580 | |||||||||||||||||||
Fixed charges included in the determination of net income, as below | 466 | 451 | 450 | 411 | 382 | |||||||||||||||||||
Total earnings, as defined | $ | 2,893 | $ | 2,635 | $ | 2,442 | $ | 2,133 | $ | 1,907 | ||||||||||||||
Fixed charges, as defined: | ||||||||||||||||||||||||
Interest expense | $ | 439 | $ | 415 | $ | 417 | $ | 387 | $ | 361 | ||||||||||||||
Rental interest factor | 12 | 10 | 11 | 8 | 8 | |||||||||||||||||||
Allowance for borrowed funds used during construction | 15 | 26 | 22 | 16 | 13 | |||||||||||||||||||
Fixed charges included in the determination of net income | 466 | 451 | 450 | 411 | 382 | |||||||||||||||||||
Capitalized interest | — | — | — | 1 | 3 | |||||||||||||||||||
Total fixed charges, as defined | $ | 466 | $ | 451 | $ | 450 | $ | 412 | $ | 385 | ||||||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends(a) | 6.21 | 5.84 | 5.43 | 5.18 | 4.95 |
__________________
(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. |