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THE SOUTHERN COMPANY | ||||||||||||||||||
Computation of ratio of earnings to fixed charges for | ||||||||||||||||||
the five years ended December 31, 2008 | ||||||||||||||||||
and the year to date June 30, 2009 | ||||||||||||||||||
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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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| 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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| 2009 |
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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 | $ | 2,143,511 |
| $ | 2,215,602 |
| $ | 2,389,290 |
| $ | 2,616,758 |
| $ | 2,721,867 |
| $ | 1,029,610 |
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Interest expense, net of amounts capitalized |
| 640,261 |
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| 746,819 |
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| 865,873 |
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| 885,796 |
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| 866,202 |
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| 458,557 |
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Distributions on mandatorily redeemable preferred securities |
| 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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| 0 |
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AFUDC - Debt funds |
| 17,970 |
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| 20,500 |
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| 20,453 |
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| 47,519 |
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| 64,063 |
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| 38,351 |
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Less: Dividends on preferred and preference stock of subsidiaries | (29,815) |
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| (30,175) |
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| (34,606) |
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| (47,763) |
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| (64,780) |
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| (32,390) |
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Earnings as defined | $ | 2,799,157 |
| $ | 2,952,746 |
| $ | 3,241,010 |
| $ | 3,502,310 |
| $ | 3,587,352 |
| $ | 1,494,128 |
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: |
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Interest on long-term debt | $ | 499,737 |
| $ | 558,975 |
| $ | 626,752 |
| $ | 739,285 |
| $ | 810,233 |
| $ | 438,086 |
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Interest on affiliated loans |
| 99,737 |
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| 127,721 |
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| 122,088 |
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| 66,372 |
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| 23,454 |
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| 11,727 |
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Interest on interim obligations |
| 8,671 |
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| 25,358 |
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| 76,745 |
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| 75,249 |
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| 30,285 |
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| 2,921 |
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Amort of debt disc, premium and expense, net |
| 36,906 |
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| 36,698 |
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| 57,878 |
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| 45,675 |
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| 39,579 |
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| 19,774 |
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Other interest charges |
| 13,180 |
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| 18,567 |
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| 2,863 |
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| 6,734 |
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| 26,714 |
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| 24,400 |
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Distributions on mandatorily redeemable preferred securities |
| 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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| 0 |
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Fixed charges as defined |
| 685,461 |
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| 767,319 |
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| 886,326 |
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| 933,315 |
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| 930,265 |
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| 496,908 |
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Tax deductible preferred dividends |
| 1,566 |
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| 1,554 |
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| 1,293 |
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| 1,281 |
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| 1,281 |
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| 641 |
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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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| 931,546 |
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| 497,549 |
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Non-tax deductible preferred and preference dividends |
| 28,249 |
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| 28,621 |
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| 33,313 |
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| 46,482 |
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| 63,499 |
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| 31,749 |
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Ratio of net income before taxes to net income | x | 1.375 |
| x | 1.367 |
| x | 1.485 |
| x | 1.469 |
| x | 1.507 |
| x | 1.617 |
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Preferred and preference dividend requirements |
| 38,842 |
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| 39,125 |
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| 49,470 |
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| 68,282 |
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| 95,693 |
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| 51,338 |
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Fixed charges plus preferred and preference | $ | 725,869 |
| $ | 807,998 |
| $ | 937,089 |
| $ | 1,002,878 |
| $ | 1,027,239 |
| $ | 548,887 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 3.86 |
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| 3.65 |
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| 3.46 |
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| 3.49 |
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| 3.49 |
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| 2.72 |
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