Exhibit 12.2
ALABAMA POWER COMPANY
Computation of ratio of earnings to fixed charges plus preferred and preference
dividend requirements for the five years ended December 31, 2013
|
| | | | | | | | | | | | | | | | | | | |
| Year ended December 31, |
| | 2009 | | | 2010 | | | 2011 | | | 2012 | | | 2013 |
| |
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: | | | | | | | | | | | | | | |
Earnings Before Income Taxes | $ | 1,088,238 |
| | $ | 1,203,742 |
| | $ | 1,219,603 |
| | $ | 1,214,477 |
| | $ | 1,224,565 |
|
Distributed income of equity securities | | — |
| | | 2,486 |
| | | 7,371 |
| | | 7,126 |
| | | 3,649 |
|
Interest expense, net of amounts capitalized | | 298,495 |
| | | 303,165 |
| | | 298,934 |
| | | 286,748 |
| | | 258,587 |
|
Interest component of rental expense | | 39,442 |
| | | 23,094 |
| | | 18,573 |
| | | 18,930 |
| | | 17,234 |
|
AFUDC - Debt funds | | 33,112 |
| | | 13,992 |
| | | 8,751 |
| | | 6,810 |
| | | 11,236 |
|
Earnings as defined | $ | 1,459,287 |
| | $ | 1,546,479 |
| | $ | 1,553,232 |
| | $ | 1,534,091 |
| | $ | 1,515,271 |
|
| | | | | | | | | | | | | | |
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: | | | | | | | | | | | | |
Interest on long-term debt | $ | 287,066 |
| | $ | 287,075 |
| | $ | 279,880 |
| | $ | 266,610 |
| | $ | 239,681 |
|
Interest on affiliated loans | | 10,291 |
| | | 7,196 |
| | | 7,119 |
| | | 7,476 |
| | | 7,081 |
|
Interest on interim obligations | | 69 |
| | | 15 |
| | | 44 |
| | | 9 |
| | | 17 |
|
Amort of debt discount, premium and expense, net | | 11,050 |
| | | 10,368 |
| | | 9,437 |
| | | 10,062 |
| | | 13,374 |
|
Other interest charges | | 23,131 |
| | | 12,503 |
| | | 11,205 |
| | | 9,401 |
| | | 10,017 |
|
Interest component of rental expense | | 39,442 |
| | | 23,094 |
| | | 18,573 |
| | | 18,930 |
| | | 17,234 |
|
Fixed charges as defined | | 371,049 |
| | | 340,251 |
| | | 326,258 |
| | | 312,488 |
| | | 287,404 |
|
Tax deductible preferred dividends | | 1,089 |
| | | 1,089 |
| | | 1,089 |
| | | 1,089 |
| | | 1,089 |
|
| | 372,138 |
| | | 341,340 |
| | | 327,347 |
| | | 313,577 |
| | | 288,493 |
|
Non-tax deductible preferred and preference dividends | | 38,375 |
| | | 38,375 |
| | | 38,375 |
| | | 38,375 |
| | | 38,375 |
|
Ratio of net income before taxes to net income | x | 1.542 |
| | x | 1.620 |
| | x | 1.640 |
| | x | 1.642 |
| | x | 1.635 |
|
Preferred and preference dividend requirements before income taxes | | 59,158 |
| | | 62,159 |
| | | 62,923 |
| | | 62,994 |
| | | 62,761 |
|
Fixed charges plus preferred and preference dividend requirements | $ | 431,296 |
| | $ | 403,499 |
| | $ | 390,270 |
| | $ | 376,571 |
| | $ | 351,254 |
|
RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED AND PREFERENCE DIVIDEND REQUIREMENTS | | 3.38 |
| | | 3.83 |
| | | 3.98 |
| | | 4.07 |
| | | 4.31 |
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