EXHIBIT 12 FLORIDA POWER & LIGHT COMPANY COMPUTATION OF RATIOS Years Ended December 31, 1996 1995 1994 1993 1992 (Thousands of Dollars) RATIO OF EARNINGS TO FIXED CHARGES Earnings, as defined: Net income .................................. $ 614,894 $ 611,374 $ 568,073 $ 467,960 $ 514,800 Income taxes ................................ 321,586 342,293 319,410 239,890 264,588 Fixed charges, as below ..................... 261,785 286,472 310,312 348,028 338,219 Total earnings, as defined ................ $1,198,265 $1,240,139 $1,197,795 $1,055,878 $1,117,607 Fixed charges, as defined: Interest charges ............................ $ 246,227 $ 269,952 $ 292,347 $ 327,085 $ 315,799 Rental interest factor ...................... 5,086 5,667 6,919 9,501 9,567 Fixed charges included in nuclear fuel cost . 10,472 10,853 11,046 11,442 12,853 Total fixed charges, as defined ........... $ 261,785 $ 286,472 $ 310,312 $ 348,028 $ 338,219 Ratio of earnings to fixed charges ............ 4.58 4.33 3.86 3.03 3.30 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Earnings, as defined: Net income .................................. $ 614,894 $ 611,374 $ 568,073 $ 467,960 $ 514,800 Income taxes ................................ 321,586 342,293 319,410 239,890 264,588 Fixed charges, as below ..................... 261,785 286,472 310,312 348,028 338,219 Total earnings, as defined ................ $1,198,265 $1,240,139 $1,197,795 $1,055,878 $1,117,607 Fixed charges, as defined: Interest charges ............................ $ 246,227 $ 269,952 $ 292,347 $ 327,085 $ 315,799 Rental interest factor ...................... 5,086 5,667 6,919 9,501 9,567 Fixed charges included in nuclear fuel cost.. 10,472 10,853 11,046 11,442 12,853 Total fixed charges, as defined ........... 261,785 286,472 310,312 348,028 338,219 Non-tax deductible preferred stock dividends .. 23,732 43,402 39,558 42,663 43,901 Ratio of income before income taxes to net income ............................... 1.52 1.56 1.56 1.51 1.51 Preferred stock dividends before income taxes.. 36,073 67,707 61,710 64,421 66,291 Combined fixed charges and preferred stock dividends ................................... $ 297,858 $ 354,179 $ 372,022 $ 412,449 $ 404,510 Ratio of earnings to combined fixed charges and preferred stock dividends ............... 4.02 3.50 3.22 2.56 2.76