Exhibit 12
1/19/96
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges for the
the five years ended December 31, 1994
and the twelve months ended December 31, 1995
Twelve
Months
Ended
Year ended December 31, December 31,
1990 1991 1992 1993 1994 1995
-------------------------------Thousands of Dollars-------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Income Before Interest Charges $ 91,083 $ 107,854 $ 98,422 $ 96,088 $ 93,407 $ 92,693
Federal and state income taxes 21,640 36,181 28,569 28,304 40,848 24,871
Deferred income taxes, net 1,837 (3,392) 3,322 5,347 (6,986) 9,315
Deferred investment tax credits - - - - - -
AFUDC - Debt funds (1) 95 46 454 656 187
----------- ---------- ----------- ----------- ----------- -----------
Earnings as defined $ 114,559 $ 140,738 $ 130,359 $ 130,193 $ 127,925 $ 127,066
=========== ========== =========== =========== =========== ===========
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 43,215 $ 41,665 $ 35,792 $ 31,344 $ 27,124 $ 23,294
Interest on interim obligations 693 280 1,041 870 1,509 2,931
Amort of debt disc, premium and
expense, net 603 699 1,032 1,412 1,834 2,014
Other interest charges 2,422 2,272 1,410 2,877 2,442 1,674
----------- ---------- ----------- ----------- ----------- -----------
Fixed charges as defined $ 46,933 $ 44,916 $ 39,275 $ 36,503 $ 32,909 $ 29,913
=========== ========== =========== =========== =========== ===========
RATIO OF EARNINGS TO FIXED CHARGES 2.44 3.13 3.32 3.57 3.89 4.25
==== ==== ==== ==== ==== ====