Bo Bice Reveals Baby Name

05/22/2008 at 08:30 AM EDT

Bo Bice Reveals Baby Name
Bo Bice and wife Caroline
Kevin Winter/Getty
Bo Bice – who came in second behind Carrie Underwood in 2005's American Idol – is revealing the name of his unborn son, who's due in August.

"[We're] having a little boy [and] we're going to name him Caleb," he told PEOPLE exclusively at the show's season-seven finale Wednesday night.

This is the second child for Bice and his wife, Caroline Fisher, who are already proud parents to 2-year-old Adian Michael.

"[Caleb] is a good biblical name," Bice added at the event, held at the Nokia Theater. "We stuck with that with both kids – good Irish and good biblical names ... We're just blessed to have such a beautiful family."

The rocker dad – who opened up his own record label, Sugar Money, last year and released the album See the Light – has no complaints about life as an Idol runner-up. (David Archuleta, take note!)

"You know, all my dreams have come true," Bice gushed. "To be able to be a dad and got out and perform shows and do what we love for a living, man ... there's nothing better!"

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