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
--------------------------------------------
Twelve Months Ended December 31,
--------------------------------------------
1996 1995 1994 1993 1992
---- ---- ---- ---- ----
(Thousands of Dollars)
Earnings, as defined:
Net income......................................$ 391,277 $ 372,604 $ 313,167 $ 346,496 $ 379,635
Fixed charges, as below......................... 204,593 226,833 213,821 237,098 253,215
Income taxes, as below.......................... 247,405 232,046 180,518 181,653 211,717
-------------- -------------- -------------- -------------- -----------
Total earnings, as defined....................$ 843,275 $ 831,483 $ 707,506 $ 765,247 $ 844,567
============== ============== ============== ============== ===========
Fixed Charges, as defined:
Interest on long-term debt......................$ 172,622 $ 187,397 $ 183,891 $ 205,182 $ 223,158
Other interest.................................. 19,155 25,896 16,119 16,419 15,717
Imputed interest factor in rentals-charged
principally to operating expenses............. 12,816 13,540 13,811 15,497 14,340
-------------- -------------- -------------- -------------- -----------
Total fixed charges, as defined...............$ 204,593 $ 226,833 $ 213,821 $ 237,098 $ 253,215
============== ============== ============== ============== ===========
Earnings Before Income Taxes......................$ 638,682 $ 604,650 $ 493,685 $ 528,149 $ 591,352
============== ============== ============== ============== ===========
Ratio of Earnings Before Income Taxes to Net Income...... 1.63 1.62 1.58 1.52 1.56
Income Taxes:
Included in operating expenses..................$ 269,477 $ 258,927 $ 198,238 $ 189,535 $ 210,266
Included in other income:
Income tax expense (credit)................... (13,847) (18,541) (9,425) 392 5,885
Harris Plant carrying costs................... - - - - 1,969
Other income, net............................. - - - - 58
Included in AFUDC - borrowed funds.............. - - - - 2,060
Included in AFUDC - deferred taxes in nuclear
fuel amortization and book depreciation....... (8,225) (8,340) (8,295) (8,274) (8,521)
-------------- -------------- -------------- -------------- -----------
Total income taxes............................$ 247,405 $ 232,046 $ 180,518 $ 181,653 $ 211,717
============== ============== ============== ============== ===========
Fixed Charges and Preferred Dividends Combined:
Preferred dividend requirements.................$ 9,609 $ 9,609 $ 9,609 $ 9,609 $ 14,798
Portion deductible for income tax purposes...... (312) (312) (312) (312) (321)
-------------- -------------- -------------- -------------- -----------
Preferred dividend requirements not deductible..$ 9,297 $ 9,297 $ 9,297 $ 9,297 $ 14,477
============== ============== ============== ============== ===========
Preferred dividend factor:
Preferred dividends not deductible times ratio
of earnings before income taxes to
net income................................ .$ 15,154 $ 15,061 $ 14,689 $ 14,131 $ 22,584
Preferred dividends deductible for
income taxes............................. . 312 312 312 312 321
Fixed charges, as above...................... 204,593 226,833 13,821 237,098 253,215
Total fixed charges and preferred dividends -------------- -------------- -------------- -------------- -----------
combined..................................$ 220,059 $ 242,206 $ 228,822 $ 251,541 $ 276,120
============== ============== ============== ============== ===========
Ratio of Earnings to Fixed Charges and Preferred
Dividends Combined............................. 3.83 3.43 3.09 3.04 3.06
Ratio of Earnings to Fixed Charges............... 4.12 3.67 3.31 3.23 3.34