1
EXHIBIT 12(a)
2
CENTRAL POWER AND LIGHT COMPANY
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
FOR YEAR ENDED DECEMBER 31
1993 1992 1991 1990 1989
-------- -------- -------- -------- --------
Operating Income $190,079 $266,665 $249,573 $162,527 $161,695
Adjustments:
Federal income taxes (19,690) 34,336 44,832 (2,124) (60,000)
Provision for deferred federal income taxes (net) 90,682 48,773 36,984 103,490 127,894
Deferred Investment Tax Credits (5,806) (5,837) (5,831) (6,103) (5,619)
Other income and deductions 2,237 1,117 396 (2,641) 4,243
Allowance for Borrowed and
equity funds used during construction 2,618 1,171 2,124 1,057 40,091
STP carrying costs -- -- -- 185,078 84,590
Mirror CWIP amortization 75,702 82,527 96,671 -- --
-------- -------- -------- -------- --------
Earnings $335,822 $428,752 $424,749 $441,284 $352,894
======== ======== ======== ======== ========
Fixed charges and preferred dividend requirements:
Interest on long-term debt $112,940 $125,476 $124,987 $126,584 $129,535
Amortization of debt issuance cost,
interest on short-term debt and other 11,993 7,266 8,697 15,521 12,511
Preferred dividend requirements 20,532 21,775 26,601 34,347 35,033
-------- -------- -------- -------- --------
Fixed Charges and Preferred Requirements $145,465 $154,517 $160,285 $176,452 $177,079
======== ======== ======== ======== ========
Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends 2.31 2.77 2.65 2.50 1.99
======== ======== ======== ======== ========