| Exhibit 12.1 | |||||||||||||||||
| SOUTHERN POWER COMPANY | |||||||||||||||||
| Computation of ratio of earnings to fixed charges for | |||||||||||||||||
| the five years ended December 31, 2015 | |||||||||||||||||
| and the three months ended March 31, 2016 | |||||||||||||||||
| Year ended December 31, | Three Months Ended March 31, | ||||||||||||||||||||||
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||||
| ---------------------------------------------Thousands of Dollars----------------------------------------------- | |||||||||||||||||||||||
| EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: | |||||||||||||||||||||||
| Earnings Before Income Taxes | $ | 238,088 | $ | 267,906 | $ | 211,428 | $ | 171,847 | $ | 250,664 | $ | 27,602 | |||||||||||
| Interest expense, net of amounts capitalized | 77,334 | 62,503 | 74,475 | 88,992 | 77,476 | 20,816 | |||||||||||||||||
| Interest component of rental expense | 191 | 267 | 632 | 1,327 | 2,306 | 1,673 | |||||||||||||||||
| Amortization of capitalized interest | 3,412 | 4,498 | 6,340 | 4,555 | 4,555 | 1,170 | |||||||||||||||||
| Pre-tax net (income)/loss from non-controlling interest | — | — | — | 1,246 | (11,889 | ) | (404 | ) | |||||||||||||||
| Earnings as defined | $ | 319,025 | $ | 335,174 | $ | 292,875 | $ | 267,967 | $ | 323,112 | $ | 50,857 | |||||||||||
| FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: | |||||||||||||||||||||||
| Interest on long-term debt | $ | 90,479 | $ | 78,497 | $ | 80,572 | $ | 85,720 | $ | 84,170 | $ | 25,387 | |||||||||||
| Interest on affiliated loans | 534 | — | — | — | — | — | |||||||||||||||||
| Interest on interim obligations | 1,374 | 1,930 | 1,412 | 1,109 | 4,103 | 4,028 | |||||||||||||||||
| Amortization of debt discount, premium and expense, net | 2,026 | 1,169 | 1,266 | 1,261 | 2,117 | 819 | |||||||||||||||||
| Other interest charges | 922 | (1 | ) | 402 | 789 | 848 | 165 | ||||||||||||||||
| Interest component of rental expense | 191 | 267 | 632 | 1,327 | 2,306 | 1,673 | |||||||||||||||||
| Fixed charges as defined | $ | 95,526 | $ | 81,862 | $ | 84,284 | $ | 90,206 | $ | 93,544 | $ | 32,072 | |||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES | 3.34 | 4.09 | 3.47 | 2.97 | 3.45 | 1.59 | |||||||||||||||||