Exhibit 12.1
1/2/97
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges for the
five years ended December 31, 1995
and the twelve months ended November 30, 1996
Twelve
Months
Ended
Year ended December 31, November 30,
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1991 1992 1993 1994 1995 1996
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---------------------------Thousands of Dollars---------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Income Before Interest Charges $107,854 $ 98,422 $ 96,088 $ 93,407 $ 92,693 $ 92,361
Federal and state income taxes 36,181 28,569 28,304 40,848 33,796 28,427
Deferred income taxes, net (3,392) 3,322 5,347 (6,987) 390 4,867
Deferred investment tax credits - - - - - -
AFUDC - Debt funds 95 46 454 656 187 130
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Earnings as defined $140,738 $130,359 $130,193 $127,924 $127,066 $125,785
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 41,665 $ 35,792 $ 31,344 $ 27,124 $ 23,294 $ 24,355
Interest on interim obligations 280 1,041 870 1,509 2,931 2,229
Amort of debt disc, premium and expense, net 699 1,032 1,412 1,834 2,014 2,080
Other interest charges 2,272 1,410 2,877 2,442 1,674 1,595
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Fixed charges as defined $ 44,916 $ 39,275 $ 36,503 $ 32,909 $ 29,913 $ 30,259
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RATIO OF EARNINGS TO FIXED CHARGES 3.13 3.32 3.57 3.89 4.25 4.16
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