Exhibit 12.2
7/30/97
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges plus preferred
dividend requirements for the five years ended December 31, 1996
and the twelve months ended June 30, 1997
Twelve
Months
Ended
Year ended December 31, June 30,
===========================================================================
1992 1993 1994 1995 1996 1997
----------------------------Thousands of Dollars---------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Income Before Interest Charges $ 98,422 $ 96,088 $ 93,407 $ 92,693 $ 94,283 $ 92,042
Federal and state income taxes 28,569 28,304 40,848 33,796 35,417 37,810
Deferred income taxes, net 3,322 5,347 (6,987) 390 2,156 (2,342)
Deferred investment tax credits - - - - - -
AFUDC - Debt funds 46 454 656 187 58 6
--------- --------- --------- --------- --------- ---------
Earnings as defined $130,359 $130,193 $127,924 $127,066 $131,914 $127,516
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 35,792 $ 31,344 $ 27,124 $ 23,294 $ 24,691 $ 23,593
Interest on interim obligations 1,041 870 1,509 2,931 2,071 1,464
Amort of debt disc, premium and expense, net 1,032 1,412 1,834 2,014 2,087 2,180
Other interest charges 1,410 2,877 2,442 1,674 1,882 4,179
--------- --------- --------- --------- --------- ---------
Fixed charges as defined 39,275 36,503 32,909 29,913 30,731 31,416
Tax deductible preferred dividends 199 156 156 156 156 156
--------- -------- -------- -------- -------- ---------
39,474 36,659 33,065 30,069 30,887 31,572
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Non-tax deductible preferred dividends 4,904 5,572 5,769 5,657 5,609 5,343
Ratio of net income before taxes to net income x 1.539 x 1.560 x 1.555 x 1.543 x 1.591 x 1.585
--------- --------- --------- --------- --------- ---------
Pref dividend requirements before income taxes 7,547 8,692 8,971 8,729 8,924 8,469
--------- --------- --------- --------- --------- ---------
Fixed charges plus pref dividend requirements $ 47,021 $ 45,351 $ 42,036 $ 38,798 $ 39,811 $ 40,041
========= ========= ========= ========= ========= =========
RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED DIVIDEND REQUIREMENTS 2.77 2.87 3.04 3.28 3.31 3.18