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| Exhibit 12.1 |
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| 9/19/2007 |
ALABAMA POWER COMPANY | |||||||||||||||||
Computation of ratio of earnings to fixed charges for | |||||||||||||||||
the five years ended December 31, 2006 | |||||||||||||||||
and the year to date June 30, 2007 | |||||||||||||||||
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| Six |
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| Months |
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| Ended |
| Year ended December 31, |
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| June 30, | |||||||||||||
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| 2002 |
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| 2003 |
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| 2004 |
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| 2005 |
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| 2006 |
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| 2007 |
| --------------------------------------------------Thousands of Dollars-------------------------------------------------- | ||||||||||||||||
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Earnings before income taxes | $ | 770,194 |
| $ | 782,220 |
| $ | 819,955 |
| $ | 819,515 |
| $ | 875,256 |
| $ | 446,639 |
Interest expense, net of amounts capitalized |
| 226,732 |
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| 215,858 |
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| 211,373 |
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| 215,431 |
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| 254,229 |
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| 137,785 |
Distributions on mandatorily redeemable preferred securities | 24,599 |
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| 15,255 |
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| 0 |
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| 0 |
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| 0 |
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AFUDC - Debt funds |
| 6,854 |
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| 6,421 |
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| 6,856 |
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| 8,173 |
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| 7,939 |
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| 7,600 |
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Earnings as defined | $ | 1,028,379 |
| $ | 1,019,754 |
| $ | 1,038,184 |
| $ | 1,043,119 |
| $ | 1,137,424 |
| $ | 592,024 |
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Interest on long-term debt | $ | 208,148 |
| $ | 183,953 |
| $ | 173,226 |
| $ | 186,542 |
| $ | 231,060 |
| $ | 122,664 |
Interest on affiliated loans |
| 845 |
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| 274 |
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| 16,479 |
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| 16,563 |
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| 16,764 |
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| 8,274 |
Interest on interim obligations |
| 1,160 |
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| 388 |
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| 465 |
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| 1,063 |
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| 1,873 |
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| 1,791 |
Amort of debt disc, premium and expense, net |
| 12,857 |
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| 15,671 |
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| 14,793 |
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| 14,559 |
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| 12,987 |
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| 7,226 |
Other interest charges |
| 10,577 |
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| 21,993 |
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| 13,266 |
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| 4,877 |
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| 5,430 |
Distributions on mandatorily redeemable preferred securities | 24,599 |
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| 15,255 |
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| 0 |
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| 0 |
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| 0 |
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| 0 | |
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Fixed charges as defined | $ | 258,186 |
| $ | 237,534 |
| $ | 218,229 |
| $ | 223,604 |
| $ | 262,170 |
| $ | 145,385 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 3.98 |
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| 4.29 |
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| 4.76 |
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| 4.67 |
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| 4.34 |
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| 4.07 |