Exhibit 12.1
Central Power and Light Company
Consolidated Ratio of Earnings to Fixed Charges
For Years Ended December 31,
1998 1997 1996 1995 1994
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(thousands, except ratios)
Operating income $282,926 $251,367 $285,647 $282,184 $256,251
Adjustments
Income taxes 126,738 39,329 47,227 51,755 51,329
Provision for deferred
income taxes (8,253) 34,484 51,476 (30,025) 26,659
Deferred investment tax
credits (3,858) (4,819) (5,553) (5,789) (5,789)
Charges for investments
and plant development
costs, net of tax -- (1,281) (15,569) -- --
Other income and
deductions 709 7,834 3,997 14,880 1,272
Allowance for borrowed
and equity funds used
during construction 2,822 3,778 1,845 4,514 3,689
Mirror CWIP amortization -- -- -- 41,000 68,000
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Earnings $401,084 $330,692 $369,070 $358,519 $401,411
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Fixed charges:
Interest on long-term
debt $93,301 $105,081 $110,375 $116,205 $111,408
Interest on short-term
debt 19,506 20,613 18,494 19,926 12,365
Distributions on Trust
Preferred Securities 12,000 7,533 -- -- --
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Fixed Charges $124,807 $133,227 $128,869 $136,131 $123,773
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Ratio of earnings to
fixed charges 3.21 2.48 2.86 2.63 3.24
4-14