EXHIBIT 12
CAROLINA POWER & LIGHT COMPANY
COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
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Twelve Months Ended
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September 30, December 31,
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1993 1992 1991
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(Unaudited)
(Thousands of Dollars)
Earnings, as defined:
Net income....................... $ 353,473 $ 379,635 $ 376,974
Fixed charges, as below.......... 246,718 253,215 279,960
Income taxes, as below........... 196,031 211,717 206,004
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Total earnings, as defined..... $ 796,222 $ 844,567 $ 862,938
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Fixed Charges, as defined:
Interest on long-term debt....... $ 212,726 $ 223,158 $ 233,268
Other interest................... 18,477 15,717 33,352
Imputed interest factor in
rentals-charged principally
to operating expenses.......... 15,515 14,340 13,340
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Total fixed charges, as defined $ 246,718 $ 253,215 $ 279,960
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Earnings Before Income Taxes....... $ 549,504 $ 591,352 $ 582,978
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Income Taxes:
Included in operating expenses... $ 199,261 $ 210,266 $ 200,711
Included in other income:
Income tax expense (credit).... 4,102 5,885 9,686
Harris Plant carrying costs.... 403 1,969 1,563
Other income, net.............. 10 58 25
Included in AFUDC-borrowed funds. 565 2,060 2,694
Included in AFUDC-deferred taxes
in nuclear fuel amortization
and book depreciation.......... (8,310) (8,521) (8,675)
Included in cumulative effect of
change in accounting for
revenues....................... - - -
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Total income taxes............. $ 196,031 $ 211,717 $ 206,004
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Ratio of Earnings to Fixed Charges. 3.23 3.34 3.08
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Twelve Months Ended
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December 31,
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1990 1989 1988
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(Thousands of Dollars)
Earnings, as defined:
Net income....................... $ 380,358 $ 376,067 $ 196,813
Fixed charges, as below.......... 337,792 266,134 275,883
Income taxes, as below........... 175,322 158,535 105,090
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Total earnings, as defined..... $ 893,472 $ 800,736 $ 577,786
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Fixed Charges, as defined:
Interest on long-term debt....... $ 236,473 $ 220,840 $ 224,567
Other interest................... 88,086 32,579 37,433
Imputed interest factor in
rentals-charged principally
to operating expenses.......... 13,233 12,715 13,883
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Total fixed charges, as defined $ 337,792 $ 266,134 $ 275,883
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Earnings Before Income Taxes....... $ 555,680 $ 534,602 $ 301,903
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Income Taxes:
Included in operating expenses... $ 156,934 $ 160,792 $ 135,106
Included in other income:
Income tax expense (credit).... (34,397) 175 (48,509)
Harris Plant carrying costs.... (3,539) 2,175 6,663
Other income, net.............. 21 15 17,450
Included in AFUDC-borrowed funds. 3,081 4,513 4,192
Included in AFUDC-deferred taxes
in nuclear fuel amortization
and book depreciation............ (8,869) (9,135) (9,812)
Included in cumulative effect of
change in accounting for
revenues....................... 62,091 - -
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Total income taxes............. $ 175,322 $ 158,535 $ 105,090
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Ratio of Earnings to Fixed Charges. 2.65 3.01 2.09