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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, | ||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||||||
Net income | $ | 1,880 | $ | 1,727 | $ | 1,648 | $ | 1,517 | $ | 1,349 | ||||||||||||||
Income taxes | 1,106 | 1,051 | 957 | 910 | 835 | |||||||||||||||||||
Fixed charges, as below | 518 | 493 | 478 | 466 | 451 | |||||||||||||||||||
Total earnings, as defined | $ | 3,504 | $ | 3,271 | $ | 3,083 | $ | 2,893 | $ | 2,635 | ||||||||||||||
Fixed charges, as defined: | ||||||||||||||||||||||||
Interest expense | $ | 482 | $ | 456 | $ | 445 | $ | 439 | $ | 415 | ||||||||||||||
Rental interest factor | 14 | 14 | 12 | 12 | 10 | |||||||||||||||||||
Allowance for borrowed funds used during construction | 22 | 23 | 21 | 15 | 26 | |||||||||||||||||||
Total fixed charges, as defined | $ | 518 | $ | 493 | $ | 478 | $ | 466 | $ | 451 | ||||||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends(a) | 6.76 | 6.63 | 6.45 | 6.21 | 5.84 |
__________________
(a) | 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. |