Exhibit 12.1
4/6/2004
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges for the
the five years ended December 31, 2003
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1999 2000 2001 2002 2003
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-------------------------Thousands of Dollars-------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Income Taxes $ 86,515 $ 82,607 $ 89,716 $104,397 $110,104
Interest expense, net of amounts capitalized 26,861 28,085 25,034 31,452 31,069
Distributions on preferred securities 6,200 6,200 6,477 8,524 7,085
AFUDC - Debt funds 0 440 2,510 1,392 314
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Earnings as defined $119,576 $117,332 $123,737 $145,765 $148,572
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 21,375 $ 22,622 $ 24,520 $ 28,815 $ 27,193
Interest on affiliated loans 0 0 396 629 202
Interest on interim obligations 2,371 2,804 768 446 197
Amort of debt disc, premium and expense, net 1,989 2,047 2,059 2,591 2,895
Other interest charges 1,126 1,052 (199) 363 896
Distributions on preferred securities 6,200 6,200 6,477 8,524 7,085
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Fixed charges as defined $ 33,061 $ 34,725 $ 34,021 $ 41,368 $ 38,468
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RATIO OF EARNINGS TO FIXED CHARGES 3.62 3.38 3.64 3.52 3.86
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