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,
|
|||||||||||||||
|
2008
|
2007
|
2006
|
2005
|
2004
|
|||||||||||
|
(millions
of dollars)
|
|||||||||||||||
|
RATIO
OF EARNINGS TO FIXED CHARGES
|
|||||||||||||||
|
Earnings,
as defined:
|
|||||||||||||||
|
Net income
|
$
|
789
|
$
|
836
|
$
|
802
|
$
|
748
|
$
|
750
|
|||||
|
Income taxes
|
443
|
451
|
424
|
408
|
409
|
||||||||||
|
Fixed charges, as
below
|
359
|
325
|
296
|
244
|
202
|
||||||||||
|
Total earnings, as
defined
|
$
|
1,591
|
$
|
1,612
|
$
|
1,522
|
$
|
1,400
|
$
|
1,361
|
|||||
|
Fixed
charges, as defined:
|
|||||||||||||||
|
Interest
expense
|
$
|
334
|
$
|
304
|
$
|
278
|
$
|
224
|
$
|
183
|
|||||
|
Rental interest
factor
|
7
|
7
|
7
|
7
|
8
|
||||||||||
|
Allowance for borrowed funds
used during construction
|
18
|
14
|
11
|
13
|
11
|
||||||||||
|
Total fixed charges, as
defined
|
$
|
359
|
$
|
325
|
$
|
296
|
$
|
244
|
$
|
202
|
|||||
|
Ratio
of earnings to fixed charges
|
4.43
|
4.96
|
5.14
|
5.74
|
6.74
|
||||||||||
|
RATIO
OF EARNINGS TO COMBINED FIXED CHARGES
AND
PREFERRED STOCK DIVIDENDS
|
|||||||||||||||
|
Earnings,
as defined:
|
|||||||||||||||
|
Net income
|
$
|
789
|
$
|
836
|
$
|
802
|
$
|
748
|
$
|
750
|
|||||
|
Income taxes
|
443
|
451
|
424
|
408
|
409
|
||||||||||
|
Fixed charges, as
below
|
359
|
325
|
296
|
244
|
202
|
||||||||||
|
Total earnings, as
defined
|
$
|
1,591
|
$
|
1,612
|
$
|
1,522
|
$
|
1,400
|
$
|
1,361
|
|||||
|
Fixed
charges, as defined:
|
|||||||||||||||
|
Interest
expense
|
$
|
334
|
$
|
304
|
$
|
278
|
$
|
224
|
$
|
183
|
|||||
|
Rental interest
factor
|
7
|
7
|
7
|
7
|
8
|
||||||||||
|
Allowance for borrowed funds
used during construction
|
18
|
14
|
11
|
13
|
11
|
||||||||||
|
Total fixed charges, as
defined
|
359
|
325
|
296
|
244
|
202
|
||||||||||
|
Non-tax
deductible preferred stock dividends
|
-
|
-
|
-
|
-
|
1
|
||||||||||
|
Ratio
of income before income taxes to net income
|
1.56
|
1.54
|
1.53
|
1.55
|
1.55
|
||||||||||
|
Preferred
stock dividends before income taxes
|
-
|
-
|
-
|
-
|
2
|
||||||||||
|
Combined
fixed charges and preferred stock dividends
|
$
|
359
|
$
|
325
|
$
|
296
|
$
|
244
|
$
|
204
|
|||||
|
Ratio
of earnings to combined fixed charges and preferred stock
dividends
|
4.43
|
4.96
|
5.14
|
5.74
|
6.67
|
||||||||||
____________________
|
(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, 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.
|