The Southern Company (SO) S-3ASR Automatic shelf registration

Exhibit 12.1

THE SOUTHERN COMPANY

Computation of ratio of earnings to fixed charges for

the five years ended December 31, 2014

	Year ended December 31,
		2010			2011			2012			2013			2014
	---------------------------------------------Millions of Dollars-----------------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Income Taxes	$	3,066		$	3,487		$	3,748		$	2,560		$	3,007
Interest expense, net of amounts capitalized		898			858			861			826			835
Interest component of rental expense		112			117			98			97			113
Amortization of capitalized interest		3			3			5			2			5
AFUDC - Debt funds		74			58			62			77			86
Less: Dividends on preferred and preference stock of subsidiaries		(65	)		(65	)		(65	)		(66	)		(68	)
Earnings as defined	$	4,088		$	4,458		$	4,709		$	3,496		$	3,978
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt	$	885		$	872		$	857		$	817		$	824
Interest on affiliated loans		19			16			8			7			7
Interest on interim obligations		2			3			4			5			4
Amortization of debt discount, premium and expense, net		42			40			40			46			46
Other interest charges		24			(15	)		14			29			42
Capitalized interest		12			20			20			14			25
Interest component of rental expense		112			117			98			98			111
Fixed charges as defined		1,096			1,053			1,041			1,016			1,059
Tax deductible preferred dividends		1			1			1			1			1
		1,097			1,054			1,042			1,017			1,060
Non-tax deductible preferred and preference dividends		64			64			64			65			67
Ratio of net income before taxes to net income	x	1.503		x	1.538		x	1.552		x	1.497		x	1.481
Preferred and preference dividend requirements before income taxes		96			98			99			97			99
Fixed charges plus preferred and preference dividend requirements	$	1,193		$	1,152		$	1,141		$	1,114		$	1,159
RATIO OF EARNINGS TO FIXED CHARGES		3.43			3.87			4.13			3.14			3.43