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EXHIBIT 12
TAMPA ELECTRIC COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the company's ratio of earnings to
fixed charges for the periods indicated.
SIX MONTHS TWELVE MONTHS YEAR ENDED DECEMBER 31,
ENDED ENDED ------------------------------------------------
JUNE 30, 2000 JUNE 30, 2000 1999 1998 1997 1996(4) 1995(4)
------------- ------------- --------- -------- ----- ------- -------
4.31x 3.76x(1) 3.82x(2) 4.51x(3) 4.38x 4.40x 4.28x
For the purposes of calculating these ratios, earnings consist of
income before income taxes and fixed charges. Fixed charges consist of interest
on indebtedness, amortization of debt premium, the interest component of
rentals and preferred stock dividend requirements.
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(1) Includes the effect of non-recurring pretax charges totaling $18.3 million
recorded in the third and fourth quarters of 1999. Charges consisted of the
following: $10.5 million recorded based on FPSC audits of its 1997 and 1998
earnings which limited its equity ratio to 58.7 percent; $3.5 million to
resolve litigation filed by the U.S. Environmental Protection Agency; and
$4.3 million for corporate income tax settlements related to prior years'
tax returns. The effect of these charges was to reduce the ratio of
earnings to fixed charges. Had these charges been excluded from the
calculation, the ratio of earning to fixed charges would have been 4.51x
for the twelve-months ended June 30, 2000.
(2) Includes the effect of one-time, pretax charges totaling $18.3 million
described in (1) above. The effect of these charges was to reduce the ratio
of earnings to fixed charges. Had these charges been excluded from the
calculation, the ratio of earnings to fixed charges would have been 4.61x
for the year ended Dec. 31, 1999.
(3) Includes the effect of one-time, pretax charges totaling $16.9 million. The
effect of these charges was to reduce the ratio of earnings to fixed
charges. Had these charges been excluded from the calculation, the ratio of
earnings to fixed charges would have been 4.66x for the year ended Dec. 31,
1998.
(4) Amounts have been restated to reflect the merger of Peoples Gas System,
Inc., with and into Tampa Electric Company.
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