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| Exhibit 12.2 |
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| 9/19/2007 |
ALABAMA POWER COMPANY | |||||||||||||||||
Computation of ratio of earnings to fixed charges plus preferred and | |||||||||||||||||
preference dividend requirements 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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| 0 | |
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 |
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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| (514) |
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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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Fixed charges as defined |
| 258,186 |
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| 237,534 |
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| 218,229 |
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| 223,604 |
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| 262,170 |
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| 145,385 |
Tax deductible preferred dividends |
| 1,089 |
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| 1,089 |
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| 1,089 |
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| 1,089 |
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| 1,089 |
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| 544 |
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| 259,275 |
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| 238,623 |
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| 219,318 |
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| 224,693 |
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| 263,259 |
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| 145,929 |
Non-tax deductible preferred and preference dividends |
| 13,350 |
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| 17,178 |
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| 22,508 |
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| 23,200 |
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| 23,645 |
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| 15,819 |
Ratio of net income before taxes to net income | x | 1.619 |
| x | 1.593 |
| x | 1.624 |
| x | 1.540 |
| x | 1.613 |
| x | 1.604 |
Preferred and preference dividend requirements |
| 21,614 |
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| 27,365 |
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| 36,553 |
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| 35,728 |
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| 38,139 |
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| 25,374 |
Fixed charges plus preferred and preference | $ | 280,889 |
| $ | 265,988 |
| $ | 255,871 |
| $ | 260,421 |
| $ | 301,398 |
| $ | 171,303 |
RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED |
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AND PREFERENCE DIVIDEND REQUIREMENTS |
| 3.66 |
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| 3.83 |
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| 4.06 |
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| 4.01 |
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| 3.77 |
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| 3.46 |