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| Exhibit 12.2 |
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| 11/2/2006 |
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THE SOUTHERN COMPANY | ||||||||||||||||||
Computation of ratio of earnings to fixed charges plus preferred | ||||||||||||||||||
dividend requirements for the five years ended December 31, 2005 | ||||||||||||||||||
and the year to date September 30, 2006 | ||||||||||||||||||
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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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| 2001 |
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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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| --------------------------------------------------Thousands of Dollars-------------------------------------------------- | |||||||||||||||||
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Earnings from continuing operations before income taxes | $ | 1,676,260 |
| $ | 1,841,274 |
| $ | 2,100,143 |
| $ | 2,113,696 |
| $ | 2,185,427 |
| $ | 2,120,329 |
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Preferred stock dividends of subsidiaries |
| 18,452 |
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| 17,340 |
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| 21,167 |
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| 29,815 |
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| 30,175 |
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| 26,141 |
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Interest expense, net of amounts capitalized |
| 557,625 |
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| 491,888 |
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| 527,272 |
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| 640,261 |
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| 746,819 |
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| 634,078 |
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Distributions on mandatorily redeemable preferred securities | 168,594 |
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| 174,687 |
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| 151,358 |
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| 27,230 |
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| 0 |
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| 0 |
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AFUDC - Debt funds |
| 25,924 |
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| 16,816 |
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| 12,370 |
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| 17,970 |
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| 20,500 |
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| 13,759 |
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Earnings as defined | $ | 2,446,855 |
| $ | 2,542,005 |
| $ | 2,812,310 |
| $ | 2,828,972 |
| $ | 2,982,921 |
| $ | 2,794,307 |
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Interest on long-term debt | $ | 463,710 |
| $ | 476,047 |
| $ | 491,066 |
| $ | 499,737 |
| $ | 558,975 |
| $ | 465,824 |
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Interest on affiliated loans |
| (12,244) |
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| 0 |
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| 0 |
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| 99,737 |
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| 127,721 |
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| 91,819 |
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Interest on interim obligations |
| 82,386 |
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| 29,925 |
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| 18,035 |
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| 8,671 |
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| 25,358 |
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| 55,259 |
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Amort of debt disc, premium and expense, net |
| 30,809 |
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| 20,084 |
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| 28,575 |
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| 36,906 |
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| 36,698 |
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| 31,982 |
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Other interest charges |
| 18,888 |
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| (17,352) |
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| 1,966 |
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| 13,180 |
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| 18,567 |
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| 2,953 |
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Distributions on mandatorily redeemable preferred securities | 168,594 |
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| 174,687 |
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| 151,358 |
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| 27,230 |
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| 0 |
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| 0 |
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Fixed charges as defined |
| 752,143 |
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| 683,391 |
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| 691,000 |
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| 685,461 |
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| 767,319 |
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| 647,837 |
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Tax deductible preferred dividends |
| 1,601 |
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| 1,601 |
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| 1,601 |
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| 1,566 |
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| 1,554 |
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| 973 |
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| 753,744 |
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| 684,992 |
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| 692,601 |
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| 687,027 |
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| 768,873 |
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| 648,810 |
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Non-tax deductible preferred and preference dividends |
| 16,851 |
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| 15,739 |
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| 19,566 |
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| 28,249 |
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| 28,621 |
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| 25,168 |
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Ratio of net income before taxes to net income | x | 1.490 |
| x | 1.395 |
| x | 1.411 |
| x | 1.375 |
| x | 1.367 |
| x | 1.520 |
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Pref dividend requirements before income taxes |
| 25,108 |
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| 21,956 |
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| 27,608 |
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| 38,842 |
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| 39,125 |
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| 38,255 |
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Fixed charges plus pref dividend requirements | $ | 778,852 |
| $ | 706,948 |
| $ | 720,209 |
| $ | 725,869 |
| $ | 807,998 |
| $ | 687,065 |
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RATIO OF EARNINGS TO FIXED CHARGES PLUS |
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PREFERRED DIVIDEND REQUIREMENTS |
| 3.14 |
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| 3.60 |
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| 3.90 |
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| 3.90 |
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| 3.69 |
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| 4.07 |
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