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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1995 1994 1993 1992 1991
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(Thousands of Dollars)
Earnings, as defined:
Net income............................................ $ 372,604 $ 313,167 $ 346,496 $ 379,635 $ 376,974
Fixed charges, as below............................... 226,833 213,821 237,098 253,215 279,960
Income taxes, as below................................ 232,046 180,518 181,653 211,717 206,004
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Total earnings, as defined.......................... $ 831,483 $ 707,506 $ 765,247 $ 844,567 $ 862,938
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Fixed Charges, as defined:
Interest on long-term debt............................ $ 187,397 $ 183,891 $ 205,182 $ 223,158 $ 233,268
Other interest........................................ 25,896 16,119 16,419 15,717 33,352
Imputed interest factor in rentals-charged
principally to operating expenses................... 13,540 13,811 15,497 14,340 13,340
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Total fixed charges, as defined..................... $ 226,833 $ 213,821 $ 237,098 $ 253,215 $ 279,960
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Earnings Before Income Taxes............................ $ 604,650 $ 493,685 $ 528,149 $ 591,352 $ 582,978
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Ratio of Earnings Before Income Taxes to Net Income..... 1.62 1.58 1.52 1.56 1.55
Income Taxes:
Included in operating expenses........................ $ 258,927 $ 198,238 $ 189,535 $ 210,266 $ 200,711
Included in other income:
Income tax expense (credit)......................... (18,541) (9,425) 392 5,885 9,686
Harris Plant carrying costs......................... - - - 1,969 1,563
Other income, net................................... - - - 58 25
Included in AFUDC - borrowed furnds................... - - - 2,060 2,694
Included in AFUDC - deferred taxes in nuclear
fuel amortization and book depreciation............. (8,340) (8,295) (8,274) (8,521) (8,675)
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Total income taxes.................................. $ 232,046 $ 180,518 $ 181,653 $ 211,717 $ 206,004
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Fixed Charges and Preferred Dividends Combined:
Preferred dividend requirements....................... $ 9,609 $ 9,609 $ 9,609 $ 14,798 $ 26,265
Portion deductible for income tax purposes............ (312) (312) (312) (321) (321)
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Preferred dividend requirements not deductible........ $ 9,297 $ 9,297 $ 9,297 $ 14,477 $ 25,944
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Preferred dividend factor:
Preferred dividends not deductible times ratio of
earnings before income taxes to net income........ $ 15,061 $ 14,689 $ 14,131 $ 22,584 $ 40,213
Preferred dividends deductible for income taxes..... 312 312 312 321 321
Fixed charges, as above............................. 226,833 213,821 237,098 253,215 279,960
Total fixed charges and preferred dividends ---------- ---------- ---------- ---------- ----------
combined........................................ $ 242,206 $ 228,822 $ 251,541 $ 276,120 $ 320,494
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Ratio of Earnings to Fixed Charges and Preferred
Dividends Combined.................................... 3.43 3.09 3.04 3.06 2.69
Ratio of Earnings to Fixed Charges ..................... 3.67 3.31 3.23 3.34 3.08