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

Exhibit 99.02
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
	Three Months Ended June				Year-to-Date June
	2014		2013		2014			2013
Consolidated Earnings–As Reported
(See Notes)
Traditional Operating Companies	$	580	$	268	$	899		$	334
Southern Power	31		28		64			57
Total	611		296		963			391
Parent Company and Other	—		1		(1		)	(13		)
Net Income–As Reported	$	611	$	297	$	962		$	378
Basic Earnings Per Share	$	0.68	$	0.34	$	1.08		$	0.43
Average Shares Outstanding (in millions)	895		874		892			872
End of Period Shares Outstanding (in millions)					896			874
	Three Months Ended June				Year-to-Date June
	2014		2013		2014			2013
Consolidated Earnings–Excluding Items
(See Notes)
Net Income–As Reported	$	611	$	297	$	962		$	378
Estimated Loss on Kemper IGCC	—		278		235			611
Leveraged Lease Restructure	—		—		—			16
Net Income–Excluding Items	$	611	$	575	$	1,197		$	1,005
Basic Earnings Per Share–Excluding Items	$	0.68	$	0.66	$	1.34		$	1.15
Notes
- For the three and six months ended June 30, 2014 and 2013, dilution does not change basic earnings per share by more than 1 cent and is not material.
- The estimated probable losses relating to Mississippi Power Company's construction of the integrated coal gasification combined cycle facility in Kemper County, Mississippi (Kemper IGCC) significantly impacted the presentation of earnings and earnings per share for the six months ended June 30, 2014 and the three and six months ended June 30, 2013 and any similar charges may occur with uncertain frequency.
- The charge related to the restructuring of a leveraged lease investment that was completed on March 1, 2013 impacted the presentation of earnings and earnings per share for the six months ended June 30, 2013 and similar charges are not expected to occur with any regularity in the future.
- All figures in this earnings release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. In addition, certain classifications and rounding may be different from final results published in the Form 10-Q.