Exhibit 12.1
8/8/2005
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2004
and the year to date June 30, 2005
Six
Months
Ended
Year ended December 31, June 30,
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2000 2001 2002 2003 2004 2005
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-------------------------Thousands of Dollars---------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings before income taxes $ 82,607 $ 89,716 $104,397 $110,104 $108,135 $56,567
Interest expense, net of amounts capitalized 28,086 25,034 31,452 31,069 34,925 19,546
Distributions on mandatorily redeemable preferred securities 6,200 6,477 8,524 7,085 1,113 0
AFUDC - Debt funds 440 2,510 1,392 314 819 454
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Earnings as defined $117,333 $123,737 $145,765 $148,572 $144,992 $76,567
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 22,622 $ 24,520 $ 28,815 $ 27,194 $ 27,693 $14,631
Interest on affiliated loans 0 396 629 202 3,530 2,524
Interest on interim obligations 2,804 768 446 197 241 582
Amort of debt disc, premium and expense, net 2,047 2,059 2,591 2,895 3,050 1,477
Other interest charges 1,052 (199) 363 895 1,230 786
Distributions on mandatorily redeemable preferred securities 6,200 6,477 8,524 7,085 1,113 0
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Fixed charges as defined $ 34,725 $ 34,021 $ 41,368 $ 38,468 $ 36,857 $20,000
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RATIO OF EARNINGS TO FIXED CHARGES 3.38 3.64 3.52 3.86 3.93 3.83
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