EX-12.B 16 exhibit12b.htm EXHIBIT 12(B) exhibit12b.htm
Exhibit 12(b)


FLORIDA POWER & LIGHT COMPANY 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,
  
   
2009
    
2008
    
2007
    
2006
    
2005
  
   
(millions of dollars)
  
                               
Earnings, as defined:
                              
Net income
   $ 831     $ 789     $ 836     $ 802     $ 748  
Income taxes
     473       443       451       424       408  
Fixed charges included in the determination of net income, as below
     347       359       325       296       244  
Total earnings, as defined
   $ 1,651     $ 1,591     $ 1,612     $ 1,522     $ 1,400  
                                         
Fixed charges, as defined:
                                        
Interest expense
   $ 318     $ 334     $ 304     $ 278     $ 224  
Rental interest factor
     7       7       7       7       7  
Allowance for borrowed funds used during construction
     22       18       14       11       13  
Fixed charges included in the determination of net income
     347       359       325       296       244  
Capitalized interest
     2       -       -       -       -  
Total fixed charges, as defined
   $ 349     $ 359     $ 325     $ 296     $ 244  
                                         
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends (a)
     4.73       4.43       4.96       5.14       5.74  
¾¾¾¾¾¾¾¾¾¾
(a)
Florida Power & Light Company’s preference equity securities were redeemed in January 2005.  For the year ended December 31, 2005, preferred stock dividends were less than $1 million.  Therefore, for the years ended December 31, 2009, 2008, 2007, 2006 and 2005, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends.