Exhibit 12(a)
Arkansas Power and Light Company
Computation of Ratios of Earnings to Fixed Charges and
Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
1991 1992 1993 1994 1995
Fixed charges, as defined:
Interest on long-term debt $133,854 $120,317 $107,771 $101,439 $102,339
Interest on notes payable -- 117 349 1,311 678
Amortization of expense and premium on debt-net(cr) 1,112 1,359 2,702 4,563 4,514
Other interest 1,303 2,308 8,769 3,501 7,806
Interest applicable to rentals 21,969 17,657 16,860 19,140 18,158
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Total fixed charges, as defined 158,238 141,758 136,451 129,954 133,495
Preferred dividends, as defined (a) 31,458 32,195 30,334 23,234 27,636
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Combined fixed charges and preferred dividends, as defined $189,696 $173,953 $166,785 $153,188 $161,131
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Earnings as defined:
Net Income $143,451 $130,529 $205,297 $142,263 $136,666
Add:
Provision for income taxes:
Federal & State 44,418 57,089 58,162 83,300 105,964
Deferred - net 11,048 3,490 34,748 (17,939) (28,225)
Investment tax credit adjustment - net (1,600) (9,989) (10,573) (36,141) (5,658)
Fixed charges as above 158,238 141,758 136,451 129,954 133,495
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Total earnings, as defined $355,555 $322,877 $424,085 $301,437 $342,242
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Ratio of earnings to fixed charges, as defined 2.25 2.28 3.11 2.32 2.56
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Ratio of earnings to combined fixed charges and
preferred dividends, as defined 1.87 1.86 2.54 1.97 2.12
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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.