Exhibit 12.1
TECO ENERGY, INC.
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth TECO Energy’s ratio of earnings to fixed charges for the periods indicated.
| 6-months ended Jun. 30, | 12-months ended Jun. 30, | Year Ended Dec. 31, | ||||||||||||||||||||||||||
(millions) | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Income from continuing operations, before income taxes | $ | 201.7 | $ | 409.1 | $ | 409.0 | $ | 312.5 | $ | 256.8 | $ | 613.1 | $ | 363.1 | ||||||||||||||
Add: | ||||||||||||||||||||||||||||
Interest expense | 106.4 | 223.1 | 237.4 | 236.5 | 234.6 | 270.1 | 289.1 | |||||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||||
Income from equity investments, net | 0.0 | (8.1 | ) | (6.9 | ) | 4.3 | 22.8 | 18.0 | 3.4 | |||||||||||||||||||
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Earnings before taxes and without fixed charges | $ | 308.1 | $ | 640.3 | $ | 653.3 | $ | 544.7 | $ | 468.6 | $ | 865.2 | $ | 648.8 | ||||||||||||||
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Interest expense | $ | 106.4 | $ | 223.1 | $ | 237.4 | $ | 236.5 | $ | 234.6 | $ | 270.1 | $ | 289.1 | ||||||||||||||
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Total fixed charges | $ | 106.4 | $ | 223.1 | $ | 237.4 | $ | 236.5 | $ | 234.6 | $ | 270.1 | $ | 289.1 | ||||||||||||||
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Ratio of earnings to fixed charges | 2.90x | 2.87x | 2.75x | 2.30x | 2.00x | 3.20x | 2.24x | |||||||||||||||||||||
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For the purposes of calculating these ratios, earnings consist of income from continuing operations before income taxes, income or loss from equity investments (net of distributions) and fixed charges. Fixed charges consist of interest expense on indebtedness, amortization of debt premium and an estimate of the interest component of rentals. Interest expense includes total interest expense, excluding AFUDC, and an estimate of the interest component of rentals. TECO Energy, Inc. does not have any preferred stock outstanding, and there were no preferred stock dividends paid or accrued during the periods presented.
