EXHIBIT 12
FLORIDA POWER & LIGHT COMPANY
COMPUTATION OF RATIOS
Years Ended December 31,
1998 1997 1996 1995 1994
------ ------ ------ ------ ------
(Millions of Dollars)
RATIO OF EARNINGS TO FIXED CHARGES
Earnings, as defined:
Net income .................................................... $ 631 $ 627 $ 615 $ 611 $ 568
Income taxes .................................................. 349 321 322 342 319
Fixed charges, as below ....................................... 209 240 262 286 310
Total earnings, as defined .................................. $1,189 $1,188 $1,199 $1,239 $1,197
Fixed charges, as defined:
Interest charges .............................................. $ 196 $ 227 $ 246 $ 270 $ 292
Rental interest factor ........................................ 4 4 5 5 7
Fixed charges included in nuclear fuel cost ................... 9 9 11 11 11
Total fixed charges, as defined ............................. $ 209 $ 240 $ 262 $ 286 $ 310
Ratio of earnings to fixed charges .............................. 5.69 4.95 4.58 4.33 3.86
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Earnings, as defined:
Net income .................................................... $ 631 $ 627 $ 615 $ 611 $ 568
Income taxes .................................................. 349 321 322 342 319
Fixed charges, as below ....................................... 209 240 262 286 310
Total earnings, as defined .................................. $1,189 $1,188 $1,199 $1,239 $1,197
Fixed charges, as defined:
Interest charges .............................................. $ 196 $ 227 $ 246 $ 270 $ 292
Rental interest factor ........................................ 4 4 5 5 7
Fixed charges included in nuclear fuel cost ................... 9 9 11 11 11
Total fixed charges, as defined ............................. 209 240 262 286 310
Non-tax deductible preferred stock dividends .................... 15 19 24 43 40
Ratio of income before income taxes to net income ............... 1.55 1.51 1.52 1.56 1.56
Preferred stock dividends before income taxes ................... 23 29 36 68 62
Combined fixed charges and preferred stock dividends ............ $ 232 $ 269 $ 298 $ 354 $ 372
Ratio of earnings to combined fixed charges
and preferred stock dividends ................................. 5.13 4.42 4.02 3.50 3.22