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)
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Years Ended December 31,
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2010
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2009
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2008
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2007
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2006
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(millions of dollars)
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Earnings, as defined:
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Net income
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$ | 945 | $ | 831 | $ | 789 | $ | 836 | $ | 802 | ||||||||||
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Income taxes
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580 | 473 | 443 | 451 | 424 | |||||||||||||||
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Fixed charges included in the determination of net income, as below
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382 | 347 | 359 | 325 | 296 | |||||||||||||||
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Total earnings, as defined
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$ | 1,907 | $ | 1,651 | $ | 1,591 | $ | 1,612 | $ | 1,522 | ||||||||||
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Fixed charges, as defined:
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Interest expense
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$ | 361 | $ | 318 | $ | 334 | $ | 304 | $ | 278 | ||||||||||
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Rental interest factor
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8 | 7 | 7 | 7 | 7 | |||||||||||||||
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Allowance for borrowed funds used during construction
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13 | 22 | 18 | 14 | 11 | |||||||||||||||
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Fixed charges included in the determination of net income
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382 | 347 | 359 | 325 | 296 | |||||||||||||||
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Capitalized interest
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3 | 2 | - | - | - | |||||||||||||||
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Total fixed charges, as defined
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$ | 385 | $ | 349 | $ | 359 | $ | 325 | $ | 296 | ||||||||||
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Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends(a)
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4.95 | 4.73 | 4.43 | 4.96 | 5.14 | |||||||||||||||
¾¾¾¾¾¾¾¾¾¾
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(a)
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Florida Power & Light Company 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.
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