Exhibit 12.1 | ||||||||||||||||||
8/8/2011 |
THE SOUTHERN COMPANY |
Computation of ratio of earnings to fixed charges for |
the five years ended December 31, 2010 |
and the year to date June 30, 2011 |
Six | ||||||||||||||||||
Months | ||||||||||||||||||
Ended | ||||||||||||||||||
Year ended December 31, | June 30, | |||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||||
-------------------------Thousands of Dollars--------------------------- | ||||||||||||||||||
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: | ||||||||||||||||||
Earnings Before Income Taxes | $ | 2,389,290 | $ | 2,616,759 | $ | 2,721,867 | $ | 2,603,838 | $ | 3,066,077 | $ | 1,638,030 | ||||||
Interest expense, net of amounts capitalized | 865,874 | 885,794 | 866,202 | 904,697 | 895,401 | 421,158 | ||||||||||||
AFUDC - Debt funds | 20,453 | 47,519 | 64,063 | 82,579 | 74,107 | 26,325 | ||||||||||||
Less: Dividends on preferred and preference stock of subsidiaries | (34,606) | (47,764) | (64,780) | (64,780) | (64,780) | (32,390) | ||||||||||||
Earnings as defined | $ | 3,241,011 | $ | 3,502,308 | $ | 3,587,352 | $ | 3,526,334 | $ | 3,970,805 | $ | 2,053,123 | ||||||
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: | ||||||||||||||||||
Interest on long-term debt | $ | 626,753 | $ | 739,285 | $ | 810,232 | $ | 874,382 | $ | 881,733 | $ | 432,363 | ||||||
Interest on affiliated loans | 122,088 | 66,372 | 23,454 | 22,405 | 19,309 | 9,585 | ||||||||||||
Interest on interim obligations | 76,745 | 75,249 | 30,285 | 3,917 | 2,029 | 1,949 | ||||||||||||
Amort of debt disc, premium and expense, net | 57,878 | 45,675 | 39,579 | 40,106 | 42,119 | 20,588 | ||||||||||||
Other interest charges | 2,863 | 6,732 | 26,715 | 46,466 | 24,318 | (17,002) | ||||||||||||
Fixed charges as defined | 886,327 | 933,313 | 930,265 | 987,276 | 969,508 | 447,483 | ||||||||||||
Tax deductible preferred dividends | 1,293 | 1,281 | 1,281 | 1,281 | 1,281 | 641 | ||||||||||||
887,620 | 934,594 | 931,546 | 988,557 | 970,789 | 448,124 | |||||||||||||
Non-tax deductible preferred and preference dividends | 33,313 | 46,483 | 63,499 | 63,499 | 63,499 | 31,749 | ||||||||||||
Ratio of net income before taxes to net income | x | 1.485 | x | 1.469 | x | 1.507 | x | 1.525 | x | 1.503 | x | 1.548 | ||||||
Preferred and preference dividend requirements before income taxes | 49,470 | 68,284 | 95,693 | 96,836 | 95,439 | 49,147 | ||||||||||||
Fixed charges plus preferred and preference dividend requirements | $ | 937,090 | $ | 1,002,878 | $ | 1,027,239 | $ | 1,085,393 | $ | 1,066,228 | $ | 497,271 | ||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.46 | 3.49 | 3.49 | 3.25 | 3.72 | 4.13 | ||||||||||||