| Exhibit 12.1 | |||||||||||||||||
| THE SOUTHERN COMPANY | |||||||||||||||||
| Computation of ratio of earnings to fixed charges for | |||||||||||||||||
| the five years ended December 31, 2014 | |||||||||||||||||
| and the year to date March 31, 2015 | |||||||||||||||||
| Year ended December 31, | Three Months Ended March 31, | ||||||||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||||
| ---------------------------------------------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 | $ | 800 | |||||||||||
| Interest expense, net of amounts capitalized | 898 | 858 | 861 | 826 | 835 | 213 | |||||||||||||||||
| Interest component of rental expense | 112 | 117 | 98 | 97 | 113 | 30 | |||||||||||||||||
| Amortization of capitalized interest | 3 | 3 | 5 | 2 | 5 | 1 | |||||||||||||||||
| AFUDC - Debt funds | 74 | 58 | 62 | 77 | 86 | 23 | |||||||||||||||||
| Less: Dividends on preferred and preference stock of subsidiaries | (65 | ) | (65 | ) | (65 | ) | (66 | ) | (68 | ) | (17 | ) | |||||||||||
| Earnings as defined | $ | 4,088 | $ | 4,458 | $ | 4,709 | $ | 3,496 | $ | 3,978 | $ | 1,050 | |||||||||||
| FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: | |||||||||||||||||||||||
| Interest on long-term debt | $ | 885 | $ | 872 | $ | 857 | $ | 817 | $ | 824 | $ | 212 | |||||||||||
| Interest on affiliated loans | 19 | 16 | 8 | 7 | 7 | 2 | |||||||||||||||||
| Interest on interim obligations | 2 | 3 | 4 | 5 | 4 | 1 | |||||||||||||||||
| Amortization of debt discount, premium and expense, net | 42 | 40 | 40 | 46 | 46 | 12 | |||||||||||||||||
| Other interest charges | 24 | (15 | ) | 14 | 29 | 42 | 10 | ||||||||||||||||
| Capitalized interest | 12 | 20 | 20 | 14 | 25 | 8 | |||||||||||||||||
| Interest component of rental expense | 112 | 117 | 98 | 98 | 111 | 30 | |||||||||||||||||
| Fixed charges as defined | 1,096 | 1,053 | 1,041 | 1,016 | 1,059 | 275 | |||||||||||||||||
| Tax deductible preferred dividends | 1 | 1 | 1 | 1 | 1 | — | |||||||||||||||||
| 1,097 | 1,054 | 1,042 | 1,017 | 1,060 | 275 | ||||||||||||||||||
| Non-tax deductible preferred and preference dividends | 64 | 64 | 64 | 65 | 67 | 17 | |||||||||||||||||
| Ratio of net income before taxes to net income | x | 1.503 | x | 1.538 | x | 1.552 | x | 1.497 | x | 1.481 | x | 1.522 | |||||||||||
| Preferred and preference dividend requirements before income taxes | 96 | 98 | 99 | 97 | 99 | 26 | |||||||||||||||||
| Fixed charges plus preferred and preference dividend requirements | $ | 1,193 | $ | 1,152 | $ | 1,141 | $ | 1,114 | $ | 1,159 | $ | 301 | |||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES | 3.43 | 3.87 | 4.13 | 3.14 | 3.43 | 3.49 | |||||||||||||||||
