EX-12.(A) 7 exhibit12a.htm EXHIBIT 12(A) exhibit12a.htm
Exhibit 12(a)


FPL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(a)


 
Years Ended December 31,
 
2008
  
2007
  
2006
  
2005
  
2004
  
 
(millions of dollars)
Earnings, as defined:
                              
Net income
$
1,639
  
$
1,312
  
$
1,281
  
$
901
  
$
896
  
Income taxes
  
450
    
368
    
397
    
282
    
272
  
Fixed charges included in the determination of net income, as below
  
859
    
799
    
732
    
622
    
516
  
Amortization of capitalized interest
  
15
    
12
    
11
    
11
    
8
  
Distributed income of equity method investees
  
124
    
175
    
104
    
86
    
83
  
Less:  Equity in earnings of equity method investees
  
93
    
68
    
181
    
124
    
96
  
                               
Total earnings, as defined
$
2,994
  
$
2,598
  
$
2,344
  
$
1,778
  
$
1,679
  
                               
Fixed charges, as defined:
                              
Interest expense
$
813
  
$
762
  
$
706
  
$
593
  
$
489
  
Rental interest factor
  
28
    
23
    
15
    
16
    
16
  
Allowance for borrowed funds used during construction
  
18
    
14
    
11
    
13
    
11
  
Fixed charges included in the determination of net income
  
859
    
799
    
732
    
622
    
516
  
Capitalized interest
  
55
    
40
    
18
    
8
    
43
  
                               
Total fixed charges, as defined
$
914
  
$
839
  
$
750
  
$
630
  
$
559
  
               
-
              
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends (a)
  
3.28
    
 
3.10
    
 
3.13
    
 
2.82
    
 
3.00
  
____________________
(a)
FPL Group, Inc. has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends.