The Southern Company (SO) 8-K Results of Operations and Financial Condition

  Exhibit 99.04

Southern Company

EPS Earnings Analysis

Three Months Ended September 2011

Cents	Description
17¢	Retail Revenue Impacts
(7)	Weather
3	Non-Fuel O&M
1	Interest Expense
(1)	Income Taxes
13¢	Total Traditional Operating Companies
(1)	Southern Power
(3)	Increase in Shares
9¢	Total Change in QTD EPS

Notes

- Information contained in this report is subject to audit and adjustments.  Certain classifications and rounding may be different from final results published in the Form 10-Q.