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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1994 1993
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(Thousands of Dollars)
Earnings, as defined:
Net income............................................. $ 313,167 $ 346,496
Fixed charges, as below................................ 213,821 237,098
Income taxes, as below................................. 180,518 181,653
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Total earnings, as defined........................... $ 707,506 $ 765,247
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Fixed Charges, as defined:
Interest on long-term debt............................. $ 183,891 $ 205,182
Other interest......................................... 16,119 16,419
Imputed interest factor in rentals-charged
principally to operating expenses.................... 13,811 15,497
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Total fixed charges, as defined...................... $ 213,821 $ 237,098
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Earnings Before Income Taxes............................. $ 493,685 $ 528,149
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Ratio of Earnings Before Income Taxes to Net Income...... 1.58 1.52
Income Taxes:
Included in operating expenses......................... $ 198,238 $ 189,535
Included in other income............................... (9,425) 392
Included in AFUDC - deferred taxes in nuclear
fuel amortization and book depreciation.............. (8,295) (8,274)
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Total income taxes................................... $ 180,518 $ 181,653
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Fixed Charges and Preferred Dividends Combined:
Preferred dividend requirements........................ $ 9,609 $ 9,609
Portion deductible for income tax purposes............. (312) (312)
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Preferred dividend requirements not deductible......... $ 9,297 $ 9,297
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Preferred dividend factor:
Preferred dividends not deductible times ratio of
earnings before income taxes to net income......... $ 14,689 $ 14,131
Preferred dividends deductible for income taxes...... 312 312
Fixed charges, as above.............................. 213,821 237,098
Total fixed charges and preferred dividends -------------- --------------
combined......................................... $ 228,822 $ 251,541
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Ratio of Earnings to Fixed Charges and Preferred
Dividends Combined..................................... 3.09 3.04
Ratio of Earnings to Fixed Charges ...................... 3.31 3.23