Exhibit 99(c)
Louisiana Power and Light Company
Computation of Ratios of Earnings to Fixed Charges and
Ratios of Earnings to Combined Fixed Charges and PreferreD Dividends
Twelve Months Ended
December 31, June 30,
1989 1990 1991 1992 1993 1994
(In Thousands, Except for Ratios)
Fixed charges, as defined:
Interest on mortgage bonds $155,640 $101,996 $97,324 $68,247 $60,939 $58,916
Interest on long-term debt - other 25,400 52,361 61,492 60,425 63,694 65,140
Interest on notes payable -- 87 -- 150 898 1,602
Interest on lease (nuclear) 9,475 8,756 7,086 5,092 4,574 4,728
Other interest charges 11,300 6,378 5,924 5,591 5,706 4,355
Amortization of expense and premium on debt - net(cr) 2,260 3,397 3,282 7,100 5,720 5,101
Interest applicable to rentals 4,415 4,150 4,295 4,271 3,945 4,641
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Total fixed charges, as defined 208,490 177,125 179,403 150,876 145,476 144,483
Preferred dividends, as defined (a) 59,009 42,365 41,212 42,026 40,779 36,534
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Combined fixed charges and preferred dividends, as defined $267,499 $219,490 $220,615 $192,902 $186,255 $181,017
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Earnings as defined:
Net Income $106,613 $155,049 $166,572 $182,989 $188,808 $201,590
Add:
Provision for income taxes:
Federal and State 29,069 62,236 8,684 36,465 70,552 73,212
Deferred Federal and State - net 7,840 (9,655) 67,792 51,889 43,017 41,547
Investment tax credit adjustment - net 20,822 26,646 8,244 (1,317) (2,756) (2,764)
Fixed charges as above 208,490 177,125 179,403 150,876 145,476 144,483
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Total earnings, as defined $372,834 $411,401 $430,695 $420,902 $445,097 $458,068
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Ratio of earnings to fixed charges, as defined 1.79 2.32 2.40 2.79 3.06 3.17
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Ratio of earnings to combined fixed charges and
preferred dividends, as defined 1.39 1.87 1.95 2.18 2.39 2.53
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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.