EXHIBIT 12 FLORIDA POWER & LIGHT COMPANY COMPUTATION OF RATIOS Six Months Ended June 30, 1996 (Thousands of Dollars) RATIO OF EARNINGS TO FIXED CHARGES Earnings, as defined: Net income ................................................................................ $265,511 Income taxes .............................................................................. 135,054 Fixed charges, as below ................................................................... 133,922 Total earnings, as defined .............................................................. $534,487 Fixed charges, as defined: Interest expense .......................................................................... $126,088 Rental interest factor .................................................................... 2,911 Fixed charges included in nuclear fuel cost ............................................... 4,923 Total fixed charges, as defined ......................................................... $133,922 Ratio of earnings to fixed charges .......................................................... 3.99 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND DIVIDEND REQUIREMENTS ON PREFERRED STOCK Earnings, as defined: Net income ................................................................................ $265,511 Income taxes .............................................................................. 135,054 Fixed charges, as below ................................................................... 133,922 Total earnings, as defined .............................................................. $534,487 Fixed charges, as defined: Interest expense .......................................................................... $126,088 Rental interest factor .................................................................... 2,911 Fixed charges included in nuclear fuel cost ............................................... 4,923 Total fixed charges, as defined ......................................................... 133,922 Non-tax deductible dividend requirements on preferred stock ................................. 12,200 Ratio of income before income taxes to net income ........................................... 1.51 Dividend requirements on preferred stock before income taxes ................................ 18,422 Combined fixed charges and dividend requirements on preferred stock ......................... $152,344 Ratio of earnings to combined fixed charges and dividend requirements on preferred stock .... 3.51