Exhibit 12.1
Central Power and Light Company
Ratio of Earnings to Fixed Charges
For Years Ended December 31,
1999 1998 1997 1996 1995
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(thousands, except ratios)
Operating income $294,672 $282,926 $251,367 $285,647 $282,184
Adjustments:
Income taxes 83,508 126,738 39,329 47,227 51,755
Provision for deferred
income taxes 17,337 (8,253) 34,484 51,476 (30,025)
Deferred investment tax
credits (5,207) (3,858) (4,819) (5,553) (5,789)
Charges for investments
and plant development
costs, net of tax -- -- (1,281) (15,569) --
Other income and deductions 2,596 709 7,834 3,997 14,880
Allowance for borrowed
and equity funds used
during construction 4,532 2,822 3,778 1,845 4,514
Mirror CWIP amortization -- -- -- -- 41,000
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Earnings $397,438 $401,084 $330,692 $369,070 $358,519
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Fixed charges:
Interest on long-term debt $87,413 $93,301 $105,081 $110,375 $116,205
Interest on short-term
debt and other 19,498 19,506 20,613 18,494 19,926
Distributions on Trust
Preferred Securities 12,000 12,000 7,533 -- --
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Fixed charges $118,911 $124,807 $133,227 $128,869 $136,131
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Ratio of earnings to fixed
charges 3.34 3.21 2.48 2.86 2.63