Exhibit 12(c)2 |
GEORGIA POWER COMPANY |
Computation of ratio of earnings to fixed charges plus preferred and preference |
dividend requirements for the five years ended December 31, 2010 |
and the year to date September 30, 2011 |
Nine | ||||||||||||||||||
Months | ||||||||||||||||||
Ended | ||||||||||||||||||
Year ended December 31, | September 30, | |||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||||
-----------------------------------Millions of Dollars----------------------------------- | ||||||||||||||||||
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: | ||||||||||||||||||
Earnings before income taxes | $ | 1,228 | $ | 1,254 | $ | 1,402 | $ | 1,236 | $ | 1,414 | $ | 1,626 | ||||||
Distributed income of equity investees | 6 | 2 | 4 | 0 | 3 | 6 | ||||||||||||
Interest expense, net of amounts capitalized | 318 | 344 | 346 | 386 | 375 | 257 | ||||||||||||
Interest component of rental expense | 11 | 10 | 17 | 22 | 43 | 45 | ||||||||||||
AFUDC - Debt funds | 12 | 29 | 40 | 40 | 54 | 26 | ||||||||||||
Earnings as defined | $ | 1,575 | $ | 1,639 | $ | 1,809 | $ | 1,684 | $ | 1,889 | $ | 1,960 | ||||||
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: | ||||||||||||||||||
Interest on long-term debt | $ | 216 | $ | 269 | $ | 324 | $ | 371 | $ | 377 | $ | 274 | ||||||
Interest on affiliated loans | 87 | 66 | 22 | 13 | 13 | 9 | ||||||||||||
Interest on interim obligations | 0 | 9 | 3 | 1 | 0 | 0 | ||||||||||||
Amort of debt disc, premium and expense, net | 17 | 18 | 20 | 20 | 21 | 17 | ||||||||||||
Other interest charges | 10 | 11 | 16 | 20 | 19 | (17) | ||||||||||||
Interest component of rental expense | 11 | 10 | 18 | 22 | 42 | 45 | ||||||||||||
Fixed charges as defined | 341 | 383 | 403 | 447 | 472 | 328 | ||||||||||||
Tax deductible preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
341 | 383 | 403 | 447 | 472 | 328 | |||||||||||||
Non-tax deductible preferred and preference dividends | 5 | 6 | 17 | 17 | 17 | 13 | ||||||||||||
Ratio of net income before taxes to net income | x | 1.563 | x | 1.481 | x | 1.530 | x | 1.493 | x | 1.468 | x | 1.557 | ||||||
Preferred and preference dividend requirements before income taxes | 8 | 9 | 26 | 26 | 26 | 20 | ||||||||||||
Fixed charges plus preferred and preference dividend requirements | $ | 349 | $ | 392 | $ | 429 | $ | 473 | $ | 498 | $ | 348 | ||||||
RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED | ||||||||||||||||||
AND PREFERENCE DIVIDEND REQUIREMENTS | 4.51 | 4.19 | 4.21 | 3.56 | 3.80 | 5.63 |