Exhibit 12(d)2 |
GULF POWER COMPANY | ||||||||||||||||||
Computation of ratio of earnings to fixed charges plus preferred and preference | ||||||||||||||||||
dividend requirements for the five years ended December 31, 2010 | ||||||||||||||||||
and the year to date September 30, 2011 |
Nine | ||||||||||||||||||
Months | ||||||||||||||||||
Ended | ||||||||||||||||||
Year ended December 31, | September 30, | |||||||||||||||||
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 | $ | 143,363 | ||||||
Interest expense, net of amounts capitalized | 44,134 | 44,680 | 43,098 | 38,358 | 51,897 | 43,208 | ||||||||||||
Interest component of rental expense | 1,727 | 1,574 | 1,670 | 6,778 | 15,984 | 12,727 | ||||||||||||
AFUDC - Debt funds | 160 | 1,048 | 3,973 | 9,489 | 2,875 | 2,826 | ||||||||||||
Earnings as defined | $ | 170,603 | $ | 182,384 | $ | 207,392 | $ | 225,086 | $ | 269,984 | $ | 202,124 | ||||||
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 | $ | 41,930 | ||||||
Interest on affiliated loans | 6,887 | 4,510 | 739 | 80 | 108 | 102 | ||||||||||||
Interest on interim obligations | 3,713 | 169 | 513 | 701 | 37 | 162 | ||||||||||||
Amort of debt disc, premium and expense, net | 2,894 | 2,837 | 2,755 | 2,890 | 2,918 | 2,017 | ||||||||||||
Other interest charges | 1,937 | 1,861 | 1,890 | 2,010 | 2,411 | 1,823 | ||||||||||||
Interest component of rental expense | 1,727 | 1,574 | 1,670 | 6,778 | 15,984 | 12,727 | ||||||||||||
Fixed charges as defined | 46,021 | 47,302 | 48,741 | 54,625 | 70,756 | 58,761 | ||||||||||||
Tax deductible preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
46,021 | 47,302 | 48,741 | 54,625 | 70,756 | 58,761 | |||||||||||||
Non-tax deductible preferred and preference dividends | 3,300 | 3,881 | 6,203 | 6,203 | 6,203 | 4,652 | ||||||||||||
Ratio of net income before taxes to net income | x | 1.571 | x | 1.535 | x | 1.517 | x | 1.452 | x | 1.560 | x | 1.577 | ||||||
Preferred and preference dividend requirements before income taxes | 5,184 | 5,957 | 9,410 | 9,007 | 9,677 | 7,336 | ||||||||||||
Fixed charges plus preferred and preference dividend requirements | $ | 51,205 | $ | 53,259 | $ | 58,151 | $ | 63,632 | $ | 80,433 | $ | 66,097 | ||||||
RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED | ||||||||||||||||||
AND PREFERENCE DIVIDEND REQUIREMENTS | 3.33 | 3.42 | 3.57 | 3.54 | 3.36 | 3.06 |