GULF POWER CO - FORM 8-K - EX-12.2 - EXHIBIT - June 18, 2013

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EX-5.2 - EXHIBIT - GULF POWER COex5-2gulf2013a8xk.htm
EX-4.7 - EXHIBIT - GULF POWER COex4-7gulf2013a8xk.htm
EX-4.2 - EXHIBIT - GULF POWER COex4-2gulf2013a8xk.htm
EX-8.1 - EXHIBIT - GULF POWER COex8-1gulf2013a8xk.htm
EX-5.1 - EXHIBIT - GULF POWER COex5-1gulf2013a8xk.htm
EX-1.2 - EXHIBIT - GULF POWER COex1-2gulf2013a8xk.htm
EX-1.3 - EXHIBIT - GULF POWER COex1-3gulf2013a8xk.htm
EX-12.1 - EXHIBIT - GULF POWER COex12-1gulfsx35x133312013.htm
8-K - 8-K - GULF POWER COgulf2013asrnotesprefstock8.htm


Exhibit 12.2
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges plus preference
dividend requirements for the five years ended December 31, 2012
and the year to date March 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
 
 
Three Months Ended March 31,
 
 
 
2008
 
 
2009
 
 
2010
 
 
2011
 
 
2012
 
 
2013
 
 
-----------------------------------------------Thousands of Dollars-----------------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Earnings Before Income Taxes
$
158,651

 
$
170,461

 
$
199,227

 
$
172,475

 
$
211,346

 
$
37,429

 
  Interest expense, net of amounts capitalized
 
43,098

 
 
38,358

 
 
51,897

 
 
58,150

 
 
60,250

 
 
14,369

 
  Interest component of rental expense
 
1,670

 
 
6,778

 
 
15,984

 
 
15,655

 
 
14,892

 
 
2,660

 
  AFUDC - Debt funds
 
3,973

 
 
9,489

 
 
2,875

 
 
3,951

 
 
2,500

 
 
601

 
     Earnings as defined
$
207,392

 
$
225,086

 
$
269,983

 
$
250,231

 
$
288,988

 
$
55,059

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest on long-term debt
$
41,174

 
$
42,166

 
$
49,298

 
$
56,677

 
$
57,942

 
$
13,984

 
  Interest on affiliated loans
 
739

 
 
80

 
 
108

 
 
130

 
 
172

 
 
74

 
  Interest on interim obligations
 
513

 
 
701

 
 
37

 
 
197

 
 
100

 
 
34

 
  Amort of debt disc, premium and expense, net
 
2,755

 
 
2,890

 
 
2,918

 
 
2,686

 
 
2,602

 
 
650

 
  Other interest charges
 
1,890

 
 
2,010

 
 
2,410

 
 
2,411

 
 
1,933

 
 
228

 
  Interest component of rental expense
 
1,670

 
 
6,778

 
 
15,984

 
 
15,655

 
 
14,892

 
 
2,660

 
     Fixed charges as defined
 
48,741

 
 
54,625

 
 
70,755

 
 
77,756

 
 
77,641

 
 
17,630

 
Non-tax deductible preference dividends
 
6,203

 
 
6,203

 
 
6,203

 
 
6,203

 
 
6,203

 
 
1,551

 
Ratio of net income before taxes to net income
x
1.518

 
x
1.452

 
x
1.560

 
x
1.551

 
x
1.599

 
x
1.604

 
Preference dividend requirements before income taxes
 
9,413

 
 
9,004

 
 
9,676

 
 
9,620

 
 
9,922

 
 
2,487

 
Fixed charges plus preference dividend requirements
$
58,154

 
$
63,629

 
$
80,431

 
$
87,376

 
$
87,563

 
$
20,117

 
RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERENCE DIVIDEND REQUIREMENTS
3.57

 
 
3.54

 
 
3.36

 
 
2.86

 
 
3.30

 
 
2.74