Exhibit 12.1
7/16/2003
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges for the
the five years ended December 31, 2002
and the three months ended March 2003
Year ended December 31,
------------------------------------------------------------
1998 1999 2000 2001
-----------------------Thousands of Dollars----------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Income Taxes $ 89,356 $ 86,515 $ 82,607 $ 89,716
Interest expense, net of amounts capitalized 25,556 26,861 28,085 25,034
Distributions on preferred securities of subsidiary 6,034 6,200 6,200 6,477
AFUDC - Debt funds 0 0 440 2,510
------------- ----------- ---------- -----------
Earnings as defined $ 120,946 $ 119,576 $ 117,332 $ 123,737
============= =========== ========== ===========
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 19,718 $ 21,375 $ 22,622 $ 24,520
Interest on affiliated loans 0 0 0 396
Interest on interim obligations 1,190 2,371 2,804 768
Amort of debt disc, premium and expense, net 2,100 1,989 2,047 2,059
Other interest charges 2,548 1,126 1,052 (199)
Distributions on preferred securities of subsidiary 6,034 6,200 6,200 6,477
------------- ----------- ---------- -----------
Fixed charges as defined $ 31,590 $ 33,061 $ 34,725 $ 34,021
============= =========== ========== ===========
RATIO OF EARNINGS TO FIXED CHARGES 3.83 3.62 3.38 3.64
Exhibit 12.1 (continued)
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges for the
the five years ended December 31, 2002
and the three months ended March 2003
Three
Months
Ended
Year ended December 31, March
--------------------------------------------
2002 2003
-------------Thousands of Dollars----------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Income Taxes $ 104,397 $ 22,291
Interest expense, net of amounts capitalized 31,452 8,055
Distributions on preferred securities of subsidiary 8,524 2,028
AFUDC - Debt funds 1,392 20
------------------- ------------
Earnings as defined $ 145,765 $ 32,394
=================== ============
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 28,815 $ 6,958
Interest on affiliated loans 629 75
Interest on interim obligations 446 91
Amort of debt disc, premium and expense, net 2,591 701
Other interest charges 363 252
Distributions on preferred securities of subsidiary 8,524 2,028
------------------- ------------
Fixed charges as defined $ 41,368 $ 10,105
=================== ============
RATIO OF EARNINGS TO FIXED CHARGES 3.52 3.21