EXHIBIT 12 FLORIDA POWER & LIGHT COMPANY COMPUTATION OF RATIOS Three Months Ended March 31, 1997 (Thousands of Dollars) RATIO OF EARNINGS TO FIXED CHARGES Earnings, as defined: Net income .............................................................................. $109,762 Income taxes ............................................................................ 56,183 Fixed charges, as below ................................................................. 62,480 Total earnings, as defined ............................................................ $228,425 Fixed charges, as defined: Interest expense ........................................................................ $ 59,206 Rental interest factor .................................................................. 1,001 Fixed charges included in nuclear fuel cost ............................................. 2,273 Total fixed charges, as defined ....................................................... $ 62,480 Ratio of earnings to fixed charges ........................................................ 3.66 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Earnings, as defined: Net income .............................................................................. $109,762 Income taxes ............................................................................ 56,183 Fixed charges, as below ................................................................. 62,480 Total earnings, as defined ............................................................ $228,425 Fixed charges, as defined: Interest expense ........................................................................ $ 59,206 Rental interest factor .................................................................. 1,001 Fixed charges included in nuclear fuel cost ............................................. 2,273 Total fixed charges, as defined ....................................................... 62,480 Non-tax deductible preferred stock dividends .............................................. 5,710 Ratio of income before income taxes to net income ......................................... 1.51 Preferred stock dividends before income taxes ............................................. 8,622 Combined fixed charges and preferred stock dividends ...................................... $ 71,102 Ratio of earnings to combined fixed charges and preferred stock dividends ................. 3.21