EX-12 3 cplex12.txt EXHIBIT 12 EXHIBIT 12 CENTRAL POWER AND LIGHT COMPANY Computation of Consolidated Ratios of Earnings to Fixed Charges (in thousands except ratio data)
Twelve Months Year Ended December 31, Ended ----------------------------------------------- 1997 1998 1999 2000 2001 9/30/02 ---- ---- ---- ---- ---- ------- Earnings: Income Before Extraordinary Item $128,423 $161,511 $187,718 $189,567 $184,787 $164,899 Plus Federal Income Taxes 39,329 126,738 83,508 80,797 174,073 120,613 Plus State Income Taxes - - - 3,532 14,849 4,254 Plus Provision for Deferred Income Taxes 34,458 (8,328) 19,938 16,263 (72,568) (36,682) Plus Deferred Investment Tax Credits (4,819) (3,858) (5,207) (5,207) (5,207) (5,207) Plus Fixed Charges 133,227 124,807 118,911 130,982 123,211 118,796 -------- -------- -------- -------- -------- -------- Total Earnings $330,618 $400,870 $404,868 $415,934 $419,145 $366,673 ======== ======== ======== ======== ======== ======== Fixed Charges: Interest on Long-term Debt $105,081 $ 93,301 $ 87,413 $ 96,212 $ 86,980 $ 95,666* Interest on Short-term Debt 20,613 19,506 19,498 22,830 25,023 12,293* Distributions on Trust Preferred Securities 7,533 12,000 12,000 11,940 11,208 10,837 -------- -------- -------- -------- -------- -------- Fixed Charges $133,227 $124,807 $118,911 $130,982 $123,211 $118,796 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 2.48 3.21 3.40 3.17 3.40 3.08 ==== ==== ==== ==== ==== ==== * Certain amounts have been reclassified between interest on short-term and long-term debt compared to periods prior to January 1, 2002. This reclassification had no affect on the ratio.