EX-12 7 ex12.txt STATEMENT RE COMPUTATION OF RATIO OF EARNINGS EXHIBIT 12 FLORIDA PUBLIC UTILITIES COMPANY STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
TWELVE MONTHS ENDED JUNE 30, YEARS ENDED DECEMBER 31, ------------------ -------------------------------------------------- 2001 2000 2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- ---- ---- (DOLLARS IN THOUSANDS) Earnings -------- Net Income $3,319 $3,294 $3,288 $3,529 $3,068 $3,191 $2,751 Less: Sale of non-utility Property 134 837 Allowance for funds in construction 38 10 15 23 16 12 3 Add: Income taxes - operations 1,473 1,535 1,473 1,628 1,568 1,286 1,396 Income taxes - other 184 162 155 209 17 351 (14) Fixed charges 3,598 3,247 3,541 3,033 2,898 2,949 2,904 ------ ------ ------ ------ ------ ------ ------ Total Earnings $8,536 $8,228 $8,442 $8,242 $7,535 $6,928 $7,034 ====== ====== ====== ====== ====== ====== ====== Fixed Charges ------------- Interest $3,523 $3,195 $3,487 $2,968 $2,840 $2,895 $2,858 Add: Allowance for funds in construction 38 10 15 23 16 12 3 Amortization of reaquired debt 22 22 22 22 22 22 22 Amortization of debt discount 15 20 17 20 20 20 21 ------ ------ ------ ------ ------ ------ ------ Total Fixed Charges $3,598 $3,247 $3,541 $3,033 $2,898 $2,949 $2,904 ====== ====== ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES 2.37 2.53 2.38 2.72 2.60 2.35 2.42 ====== ====== ====== ====== ====== ====== ======
The ratio of earnings to fixed charges represents, on a pre-tax basis, the number of time earnings cover fixed charges. Earnings consist of net income, to which has been added fixed charges (less capitalized interest) and taxes based on our income. Fixed charges consist of interest charges (expensed and capitalized) and any debt related amortizations. Earnings for 1997 and 1999 exclude the gain on the sale of non-utility property.