Exhibit 12(b)
Central Power and Light Company
Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividend Requirements
(Unaudited)
Year Ended December 31,
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1996 1995 1994 1993 1992
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housands, except for ratios)
Operating Income $285,647 $282,184 $256,251 $190,079 $266,665
Adjustments:
Federal income taxes 47,227 51,755 51,329 (18,954) 34,726
Provision for deferred income taxes 51,476 (30,025) 26,659 90,520 48,610
Deferred investment tax credits (5,553) (5,789) (5,789) (5,806) (5,837)
Other income and deductions (11,572) 14,880 1,272 1,663 890
Allowance for borrowed and equity
funds used during construction 1,845 4,514 3,689 2,618 1,171
Mirror CWIP amortization 0 41,000 68,000 75,702 82,527
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Earnings $369,070 $358,519 $401,411 $335,822 $428,752
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Fixed Charges:
Interest on long-term debt $110,375 $116,205 $111,408 $112,939 $125,476
Interest on short-term debt and other 18,494 19,926 12,365 11,993 7,266
Preferred stock dividend requirements 22,155 15,586 18,655 20,537 21,769
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$151,024 $151,717 $142,428 $145,469 $154,511
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Ratio of earnings to combined fixed
charges and preferred stock dividend
requirements
2.44 2.36 2.82 2.31 2.77