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, 2015

and the year to date March 31, 2016

	Year ended December 31,																Three Months Ended March 31,
		2011			2012			2013			2014			2015			2016
	---------------------------------------------Millions of Dollars-----------------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Income Taxes	$	3,487		$	3,748		$	2,560		$	3,007		$	3,614		$	718
Interest expense, net of amounts capitalized		858			861			826			835			842			246
Interest component of rental expense		117			98			97			113			127			33
Amortization of capitalized interest		3			5			2			5			5			1
AFUDC - Debt funds		58			62			77			86			88			20
Less: Dividends on preferred and preference stock of subsidiaries		(65	)		(65	)		(66	)		(68	)		(54	)		(11	)
Earnings as defined	$	4,458		$	4,709		$	3,496		$	3,978		$	4,622		$	1,007
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt	$	872		$	857		$	817		$	824		$	881		$	245
Interest on affiliated loans		16			8			7			7			7			2
Interest on interim obligations		3			4			5			4			9			7
Amortization of debt discount, premium and expense, net		40			40			46			46			48			12
Other interest charges		(15	)		14			29			42			(15	)		—
Capitalized interest		20			20			14			25			36			9
Interest component of rental expense		117			98			98			111			127			33
Fixed charges as defined		1,053			1,041			1,016			1,059			1,093			308
Tax deductible preferred dividends		1			1			1			1			1			1
		1,054			1,042			1,017			1,060			1,094			309
Non-tax deductible preferred and preference dividends		64			64			65			67			52			11
Ratio of net income before taxes to net income	x	1.538		x	1.552		x	1.497		x	1.481		x	1.493		x	1.447
Preferred and preference dividend requirements before income taxes		98			99			97			99			78			16
Fixed charges plus preferred and preference dividend requirements	$	1,152		$	1,141		$	1,114		$	1,159		$	1,172		$	325
RATIO OF EARNINGS TO FIXED CHARGES		3.87			4.13			3.14			3.43			3.94			3.10