Exhibit 12.1 |
SOUTHERN POWER COMPANY |
Computation of ratio of earnings to fixed charges for |
the five years ended December 31, 2010 |
and the year to date September 30, 2011 |
Nine | ||||||||||||||||||
Months | ||||||||||||||||||
Ended | ||||||||||||||||||
Year ended December 31, | September 30, | |||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||||
------------------------Thousands of Dollars---------------------- | ||||||||||||||||||
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: | ||||||||||||||||||
Earnings before income taxes | $ | 206,280 | $ | 215,185 | $ | 237,251 | $ | 241,515 | $ | 206,665 | $ | 215,999 | ||||||
Interest expense, net of amounts capitalized | 80,153 | 79,175 | 83,212 | 84,963 | 76,120 | 56,489 | ||||||||||||
Interest component of rental expense | 208 | 155 | 150 | 159 | 176 | 188 | ||||||||||||
Amortization of capitalized interest | 1,540 | 1,573 | 2,239 | 2,885 | 2,905 | 2,471 | ||||||||||||
Earnings as defined | $ | 288,181 | $ | 296,088 | $ | 322,852 | $ | 329,522 | $ | 285,866 | $ | 275,147 | ||||||
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: | ||||||||||||||||||
Interest on long-term debt | $ | 75,994 | $ | 88,037 | $ | 86,301 | $ | 84,279 | $ | 85,054 | $ | 64,587 | ||||||
Interest on affiliated loans | 0 | 0 | 0 | 0 | 8 | 534 | ||||||||||||
Interest on interim obligations | 8,294 | 5,414 | 1,574 | (122) | 603 | 1,314 | ||||||||||||
Amort of debt disc, premium and expense, net | 1,513 | 2,169 | 2,098 | 2,098 | 2,098 | 1,524 | ||||||||||||
Other interest charges | 0 | 96 | 314 | 332 | 467 | 642 | ||||||||||||
Interest component of rental expense | 208 | 155 | 150 | 159 | 176 | 188 | ||||||||||||
Fixed charges as defined | $ | 86,009 | $ | 95,871 | $ | 90,437 | $ | 86,746 | $ | 88,406 | $ | 68,789 | ||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.35 | 3.09 | 3.57 | 3.80 | 3.23 | 4.00 |