EXHIBIT 12
CAROLINA POWER & LIGHT COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS COMBINED
AND RATIO OF EARNINGS TO FIXED CHARGES
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Twelve Months Ended December 31,
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1993 1992 1991 1990 1989
--------- --------- --------- --------- ---------
(Thousands of Dollars)
Earnings, as defined:
Net income............................................. $ 346,496 $ 379,635 $ 376,974 $ 380,358 $ 376,067
Fixed charges, as below................................ 237,098 253,215 279,960 337,792 266,134
Income taxes, as below................................. 181,653 211,717 206,004 175,322 158,535
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Total earnings, as defined........................... $ 765,247 $ 844,567 $ 862,938 $ 893,472 $ 800,736
========= ========= ========= ========= =========
Fixed Charges, as defined:
Interest on long-term debt............................. $ 205,182 $ 223,158 $ 233,268 $ 236,473 $ 220,840
Other interest......................................... 16,419 15,717 33,352 88,086 32,579
Imputed interest factor in rentals-charged
principally to operating expenses.................... 15,497 14,340 13,340 13,233 12,715
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Total fixed charges, as defined...................... $ 237,098 $ 253,215 $ 279,960 $ 337,792 $ 266,134
========= ========= ========= ========= =========
Earnings Before Income Taxes............................. $ 528,149 $ 591,352 $ 582,978 $ 555,680 $ 534,602
========= ========= ========= ========= =========
Ratio of Earnings Before Income Taxes to Net Income...... 1.52 1.56 1.55 1.46 1.42
Income Taxes:
Included in operating expenses......................... $ 189,535 $ 210,266 $ 200,711 $ 156,934 $ 160,792
Included in other income:
Income tax expense (credit).......................... 392 5,885 9,686 (34,397) 175
Harris Plant carrying costs.......................... - 1,969 1,563 (3,539) 2,175
Other income, net.................................... - 58 25 21 15
Included in AFUDC - borrowed funds..................... - 2,060 2,694 3,081 4,513
Included in AFUDC - deferred taxes in nuclear
fuel amortization and book depreciation.............. (8,274) (8,521) (8,675) (8,869) (9,135)
Included in cumulative effect of change in
accounting for revenues.............................. - - - 62,091 -
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Total income taxes................................... $ 181,653 $ 211,717 $ 206,004 $ 175,322 $ 158,535
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Fixed Charges and Preferred Dividends Combined:
Preferred dividend requirements........................ $ 9,609 $ 14,798 $ 26,265 $ 29,771 $ 31,479
Portion deductible for income tax purposes............. (312) (321) (321) (321) (321)
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Preferred dividend requirements not deductible......... $ 9,297 $ 14,477 $ 25,944 $ 29,450 $ 31,158
========= ========= ========= ========= =========
Preferred dividend factor:
Preferred dividends not deductible times ratio of
earnings before income taxes to net income......... $ 14,131 $ 22,584 $ 40,213 $ 42,997 $ 44,244
Preferred dividends deductible for income taxes...... 312 321 321 321 321
Fixed charges, as above.............................. 237,098 253,215 279,960 337,792 266,134
Total fixed charges and preferred dividends --------- --------- --------- --------- ---------
combined......................................... $ 251,541 $ 276,120 $ 320,494 $ 381,110 $ 310,699
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Ratio of Earnings to Fixed Charges and Preferred
Dividends Combined..................................... 3.04 3.06 2.69 2.34 2.58
Ratio of Earnings to Fixed Charges ...................... 3.23 3.34 3.08 2.65 3.01