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
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March 31, December 31,
1995 1994
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(Unaudited)
(Thousands of Dollars)
Earnings, as defined:
Net income............................................. $ 322,376 $ 313,167
Fixed charges, as below................................ 214,801 213,821
Income taxes, as below................................. 184,719 180,518
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Total earnings, as defined........................... $ 721,896 $ 707,506
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Fixed Charges, as defined:
Interest on long-term debt............................. $ 183,108 $ 183,891
Other interest......................................... 17,896 16,119
Imputed interest factor in rentals-charged
principally to operating expenses.................... 13,797 13,811
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Total fixed charges, as defined...................... $ 214,801 $ 213,821
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Earnings Before Income Taxes............................. $ 507,095 $ 493,685
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Ratio of Earnings Before Income Taxes to Net Income...... 1.57 1.58
Income Taxes:
Included in operating expenses......................... $ 202,156 $ 198,238
Included in other income............................... (9,131) (9,425)
Included in AFUDC - deferred taxes in nuclear
fuel amortization and book depreciation.............. (8,306) (8,295)
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Total income taxes................................... $ 184,719 $ 180,518
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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......... $ 14,596 $ 14,689
Preferred dividends deductible for income taxes...... 312 312
Fixed charges, as above.............................. 214,801 213,821
Total fixed charges and preferred dividends ------------ ------------
combined......................................... $ 229,709 $ 228,822
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Ratio of Earnings to Fixed Charges and Preferred
Dividends Combined..................................... 3.14 3.09
Ratio of Earnings to Fixed Charges ...................... 3.36 3.31