EXHIBIT 12
CENTRAL POWER AND LIGHT COMPANY
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
Twelve
Months
Year Ended December 31, Ended
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1997 1998 1999 2000 2001 3/31/02
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Operating Income $251,319 $282,787 $293,985 $307,098 $295,731 $287,024
Adjustments
Income Taxes 39,329 126,738 83,508 84,329 188,922 194,278
Provision for Deferred Income Taxes 34,458 (8,328) 19,938 16,263 (72,568) (83,229)
Deferred Investment Tax Credits (4,819) (3,858) (5,207) (5,207) (5,207) (5,207)
Charges for Investments and Plant
Development Costs, net of Tax (1,281) - - - - -
Other Income and Deductions 7,834 709 8,113 7,235 1,954 304
Allowance for Borrowed and Equity Funds
Used During Construction 3,778 2,822 4,532 6,216 7,804 6,860
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Earnings $330,618 $400,870 $404,869 $415,934 $416,636 $400,030
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Fixed Charges:
Interest on Long-term Debt $105,081 $ 93,301 $ 87,413 $ 96,212 $ 86,980 $ 88,017
Interest on Short-term Debt 20,613 19,506 19,498 22,830 25,023 23,514
Distributions on Trust Preferred Securities 7,533 12,000 12,000 11,940 11,208 10,966
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Fixed Charges $133,227 $124,807 $118,911 $130,982 $123,211 $122,497
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Ratio of Earnings to Fixed Charges 2.48 3.21 3.40 3.17 3.38 3.26
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