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| Exhibit 12.1 |
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| 8/4/2008 |
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THE SOUTHERN COMPANY | ||||||||||||||||||
Computation of ratio of earnings to fixed charges for | ||||||||||||||||||
the five years ended December 31, 2007 | ||||||||||||||||||
and the year to date June 30, 2008 | ||||||||||||||||||
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| Six |
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| Months |
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| Ended |
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| Year ended December 31, |
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| June 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 from continuing operations before income taxes | $ | 2,100,143 |
| $ | 2,113,696 |
| $ | 2,185,427 |
| $ | 2,354,684 |
| $ | 2,568,995 |
| $ | 1,178,676 |
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Interest expense, net of amounts capitalized |
| 527,272 |
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| 640,261 |
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| 746,819 |
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| 865,873 |
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| 885,796 |
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| 446,056 |
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Distributions on mandatorily redeemable preferred securities | 151,358 |
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| 27,230 |
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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 |
| 12,370 |
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| 17,970 |
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| 20,500 |
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| 20,453 |
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| 47,519 |
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| 32,308 |
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Earnings as defined | $ | 2,791,143 |
| $ | 2,799,157 |
| $ | 2,952,746 |
| $ | 3,241,010 |
| $ | 3,502,310 |
| $ | 1,657,040 |
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Interest on long-term debt | $ | 491,066 |
| $ | 499,737 |
| $ | 558,975 |
| $ | 626,752 |
| $ | 739,285 |
| $ | 399,804 |
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Interest on affiliated loans |
| 0 |
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| 99,737 |
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| 127,721 |
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| 122,088 |
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| 66,372 |
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| 11,727 |
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Interest on interim obligations |
| 18,035 |
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| 8,671 |
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| 25,358 |
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| 76,745 |
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| 75,249 |
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| 18,197 |
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Amort of debt disc, premium and expense, net |
| 28,575 |
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| 36,906 |
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| 36,698 |
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| 57,878 |
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| 45,675 |
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| 19,894 |
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Other interest charges |
| 1,966 |
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| 13,180 |
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| 18,567 |
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| 2,863 |
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| 6,734 |
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| 28,742 |
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Distributions on mandatorily redeemable preferred securities | 151,358 |
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| 27,230 |
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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 |
| 691,000 |
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| 685,461 |
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| 767,319 |
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| 886,326 |
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| 933,315 |
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| 478,364 |
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Tax deductible preferred dividends |
| 1,601 |
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| 1,566 |
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| 1,554 |
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| 1,293 |
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| 1,281 |
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| 641 |
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| 692,601 |
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| 687,027 |
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| 768,873 |
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| 887,619 |
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| 934,596 |
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| 479,005 |
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Non-tax deductible preferred and preference dividends |
| 19,566 |
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| 28,249 |
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| 28,621 |
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| 33,313 |
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| 46,482 |
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| 31,749 |
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Ratio of net income before taxes to net income | x | 1.411 |
| x | 1.375 |
| x | 1.367 |
| x | 1.485 |
| x | 1.469 |
| x | 1.499 |
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Pref dividend requirements before income taxes |
| 27,608 |
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| 38,842 |
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| 39,125 |
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| 49,470 |
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| 68,282 |
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| 47,592 |
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Fixed charges including pref dividend requirements | $ | 720,209 |
| $ | 725,869 |
| $ | 807,998 |
| $ | 937,089 |
| $ | 1,002,878 |
| $ | 526,597 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 3.88 |
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| 3.86 |
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| 3.65 |
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| 3.46 |
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| 3.49 |
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| 3.15 |
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