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| Exhibit 12.1 |
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| 11/5/2008 |
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ALABAMA POWER COMPANY | ||||||||||||||||||
Computation of ratio of earnings to fixed charges for | ||||||||||||||||||
the five years ended December 31, 2007 | ||||||||||||||||||
and the year to date September 30, 2008 | ||||||||||||||||||
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| Nine |
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| Months |
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| Ended |
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| Year ended December 31, |
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| September 30, |
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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 |
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| 2008 |
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| --------------------------------------------------Thousands of Dollars-------------------------------------------------- | |||||||||||||||||
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Earnings before income taxes | $ | 782,220 |
| $ | 819,955 |
| $ | 819,515 |
| $ | 875,256 |
| $ | 969,493 |
| $ | 889,896 |
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Interest expense, net of amounts capitalized |
| 215,858 |
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| 211,373 |
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| 215,431 |
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| 254,229 |
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| 275,814 |
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| 211,315 |
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Distributions on mandatorily redeemable preferred securities | 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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| 0 |
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AFUDC - Debt funds |
| 6,421 |
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| 6,856 |
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| 8,173 |
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| 7,939 |
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| 17,990 |
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| 14,674 |
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Earnings as defined | $ | 1,019,754 |
| $ | 1,038,184 |
| $ | 1,043,119 |
| $ | 1,137,424 |
| $ | 1,263,297 |
| $ | 1,115,885 |
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Interest on long-term debt | $ | 183,953 |
| $ | 173,226 |
| $ | 186,542 |
| $ | 231,060 |
| $ | 250,512 |
| $ | 198,815 |
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Interest on affiliated loans |
| 274 |
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| 16,479 |
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| 16,563 |
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| 16,764 |
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| 15,369 |
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| 8,738 |
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Interest on interim obligations |
| 388 |
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| 465 |
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| 1,063 |
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| 1,873 |
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| 1,915 |
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| 534 |
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Amort of debt disc, premium and expense, net |
| 15,671 |
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| 14,793 |
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| 14,559 |
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| 12,987 |
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| 14,542 |
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| 9,119 |
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Other interest charges |
| 21,993 |
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| 13,266 |
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| 4,877 |
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| (514) |
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| 11,467 |
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| 8,784 |
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Distributions on mandatorily redeemable preferred securities | 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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| 0 |
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Fixed charges as defined | $ | 237,534 |
| $ | 218,229 |
| $ | 223,604 |
| $ | 262,170 |
| $ | 293,805 |
| $ | 225,990 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 4.29 |
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| 4.76 |
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| 4.67 |
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| 4.34 |
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| 4.30 |
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| 4.94 |
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