The Southern Company (SO) 8-K Other Events

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 June 30, 2015

	Year ended December 31,																Six Months Ended June 30,
		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		$	1,744
Interest expense, net of amounts capitalized		898			858			861			826			835			394
Interest component of rental expense		112			117			98			97			113			61
Amortization of capitalized interest		3			3			5			2			5			2
AFUDC - Debt funds		74			58			62			77			86			41
Less: Dividends on preferred and preference stock of subsidiaries		(65	)		(65	)		(65	)		(66	)		(68	)		(31	)
Earnings as defined	$	4,088		$	4,458		$	4,709		$	3,496		$	3,978		$	2,211
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt	$	885		$	872		$	857		$	817		$	824		$	428
Interest on affiliated loans		19			16			8			7			7			3
Interest on interim obligations		2			3			4			5			4			3
Amortization of debt discount, premium and expense, net		42			40			40			46			46			24
Other interest charges		24			(15	)		14			29			42			(24	)
Capitalized interest		12			20			20			14			25			16
Interest component of rental expense		112			117			98			98			111			61
Fixed charges as defined		1,096			1,053			1,041			1,016			1,059			511
Tax deductible preferred dividends		1			1			1			1			1			1
		1,097			1,054			1,042			1,017			1,060			512
Non-tax deductible preferred and preference dividends		64			64			64			65			67			30
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	1.493
Preferred and preference dividend requirements before income taxes		96			98			99			97			99			45
Fixed charges plus preferred and preference dividend requirements	$	1,193		$	1,152		$	1,141		$	1,114		$	1,159		$	557
RATIO OF EARNINGS TO FIXED CHARGES		3.43			3.87			4.13			3.14			3.43			3.97