|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exhibit 12.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7/30/2009 |
MISSISSIPPI POWER COMPANY | |||||||||||||||||
Computation of ratio of earnings to fixed charges plus preferred | |||||||||||||||||
dividend requirements for the five years ended December 31, 2008 | |||||||||||||||||
and the year to date June 30, 2009 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ended |
| Year ended December 31, |
|
| June 30, | |||||||||||||
|
| 2004 |
|
| 2005 |
|
| 2006 |
|
| 2007 |
|
| 2008 |
|
| 2009 |
| --------------------------------------------------Thousands of Dollars-------------------------------------------------- | ||||||||||||||||
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Earnings before income taxes | $ | 131,299 |
| $ | 121,915 |
| $ | 131,840 |
| $ | 137,594 |
| $ | 136,042 |
| $ | 64,861 |
Interest expense, net of amounts capitalized |
| 13,724 |
|
| 13,828 |
|
| 18,639 |
|
| 18,158 |
|
| 17,978 |
|
| 11,016 |
Distributions on mandatorily redeemable preferred securities | 630 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 0 | |
AFUDC - Debt funds |
| 0 |
|
| 0 |
|
| 0 |
|
| 12 |
|
| 229 |
|
| 117 |
Earnings as defined | $ | 145,653 |
| $ | 135,743 |
| $ | 150,479 |
| $ | 155,764 |
| $ | 154,249 |
| $ | 75,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Interest on long-term debt | $ | 9,067 |
| $ | 10,490 |
| $ | 11,808 |
| $ | 12,441 |
| $ | 15,467 |
| $ | 9,846 |
Interest on affiliated loans |
| 2,218 |
|
| 3,284 |
|
| 3,882 |
|
| 4,095 |
|
| 730 |
|
| 32 |
Interest on interim obligations |
| 0 |
|
| 437 |
|
| 1,425 |
|
| 0 |
|
| 0 |
|
| 0 |
Amort of debt disc, premium and expense, net |
| 1,080 |
|
| 1,111 |
|
| 1,060 |
|
| 1,055 |
|
| 1,204 |
|
| 691 |
Other interest charges |
| 1,359 |
|
| (1,494) |
|
| 464 |
|
| 579 |
|
| 806 |
|
| 564 |
Distributions on mandatorily redeemable preferred securities | 630 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 0 | |
Fixed charges as defined |
| 14,354 |
|
| 13,828 |
|
| 18,639 |
|
| 18,170 |
|
| 18,207 |
|
| 11,133 |
Tax deductible preferred dividends |
| 204 |
|
| 192 |
|
| 192 |
|
| 192 |
|
| 192 |
|
| 96 |
|
| 14,558 |
|
| 14,020 |
|
| 18,831 |
|
| 18,362 |
|
| 18,399 |
|
| 11,229 |
Non-tax deductible preferred dividends |
| 3,628 |
|
| 1,541 |
|
| 1,541 |
|
| 1,541 |
|
| 1,541 |
|
| 770 |
Ratio of net income before taxes to net income | x | 1.628 |
| x | 1.614 |
| x | 1.574 |
| x | 1.604 |
| x | 1.551 |
| x | 1.591 |
Preferred dividend requirements before income taxes |
| 5,906 |
|
| 2,487 |
|
| 2,426 |
|
| 2,472 |
|
| 2,390 |
|
| 1,225 |
Fixed charges plus preferred dividend requirements | $ | 20,464 |
| $ | 16,507 |
| $ | 21,257 |
| $ | 20,834 |
| $ | 20,789 |
| $ | 12,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIO OF EARNINGS TO FIXED CHARGES PLUS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PREFERRED DIVIDEND REQUIREMENTS |
| 7.12 |
|
| 8.22 |
|
| 7.08 |
|
| 7.48 |
|
| 7.42 |
|
| 6.10 |