Exhibit 99(c)
Louisiana Power and Light Company
Computation of Ratios of Earnings to Fixed Charges and
Ratios of Earnings to Fixed Charges and Preferred Dividends
Twelve Months Ended
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December 31, March 31,
1989 1990 1991 1992 1993 1994
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(In Thousands, Except for Ratios)
Fixed charges, as defined:
Interest on mortgage bonds $155,640 $101,996 $97,324 $68,247 $60,939 $60,130
Interest on long-term debt - other 25,400 52,361 61,492 60,425 63,694 64,587
Interest on notes payable -- 87 -- 150 898 984
Interest on lease (nuclear) 9,475 8,756 7,086 5,092 4,574 4,588
Other interest charges 11,300 6,378 5,924 5,591 5,706 4,345
Amortization of expense and premium on debt - net(cr) 2,260 3,397 3,282 7,100 5,720 5,069
Interest applicable to rentals 4,415 4,150 4,295 4,271 3,945 4,410
Total fixed charges, as defined 208,490 177,125 179,403 150,876 145,476 144,113
Preferred dividends, as defined (a) 59,009 42,365 41,212 42,026 40,779 37,508
Fixed charges and preferred dividends, as defined $267,499 $219,490 $220,615 $192,902 $186,255 $181,621
Earnings as defined:
Net Income $106,613 $155,049 $166,572 $182,989 $188,808 $200,171
Add:
Provision for income taxes:
Federal and State 29,069 62,236 8,684 36,465 70,552 69,001
Deferred Federal and State - net 7,840 (9,655) 67,792 51,889 43,017 44,615
Investment tax credit adjustment - net 20,822 26,646 8,244 (1,317) (2,756) (2,740)
Fixed charges as above 208,490 177,125 179,403 150,876 145,476 144,113
Total earnings, as defined $372,834 $411,401 $430,695 $420,902 $445,097 $455,160
Ratio of earnings to fixed charges, as defined 1.79 2.32 2.40 2.79 3.06 3.16
Ratio of earnings to fixed charges and
preferred dividends, as defined 1.39 1.87 1.95 2.18 2.39 2.51
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(a) "Preferred dividends," as defined by SEC regulation S-K, are computed by dividing the preferred dividend
requirement by one hundred percent (100%) minus the income tax rate.