| Exhibit 12.1 | |||||||||||||||||
| THE SOUTHERN COMPANY | |||||||||||||||||
| Computation of ratio of earnings to fixed charges for | |||||||||||||||||
| the five years ended December 31, 2016 | |||||||||||||||||
| and the year to date September 30, 2017 | |||||||||||||||||
| Year ended December 31, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||||
| ---------------------------------------------Millions of Dollars----------------------------------------------- | |||||||||||||||||||||||
| EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: | |||||||||||||||||||||||
| Earnings Before Income Taxes | $ | 3,748 | $ | 2,560 | $ | 3,007 | $ | 3,614 | $ | 3,385 | $ | 596 | |||||||||||
| Distributed income of equity investees | — | — | — | — | 65 | 113 | |||||||||||||||||
| Interest expense, net of amounts capitalized | 861 | 826 | 835 | 842 | 1,318 | 1,250 | |||||||||||||||||
| Interest component of rental expense | 98 | 97 | 113 | 127 | 141 | 107 | |||||||||||||||||
| Amortization of capitalized interest | 5 | 2 | 5 | 5 | 5 | 5 | |||||||||||||||||
| AFUDC - Debt funds | 62 | 77 | 86 | 88 | 76 | 54 | |||||||||||||||||
| Less: Dividends on preferred and preference stock of subsidiaries | (65 | ) | (66 | ) | (68 | ) | (54 | ) | (45 | ) | (32 | ) | |||||||||||
| Earnings as defined | $ | 4,709 | $ | 3,496 | $ | 3,978 | $ | 4,622 | $ | 4,945 | $ | 2,093 | |||||||||||
| FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: | |||||||||||||||||||||||
| Interest on long-term debt | $ | 857 | $ | 817 | $ | 824 | $ | 881 | $ | 1,293 | $ | 1,215 | |||||||||||
| Interest on affiliated loans | 8 | 7 | 7 | 7 | 8 | 6 | |||||||||||||||||
| Interest on interim obligations | 4 | 5 | 4 | 9 | 33 | 33 | |||||||||||||||||
| Amortization of debt discount, premium and expense, net | 40 | 46 | 46 | 48 | 60 | 53 | |||||||||||||||||
| Other interest charges | 14 | 29 | 42 | (15 | ) | — | (4 | ) | |||||||||||||||
| Capitalized interest | 20 | 14 | 25 | 36 | 50 | 18 | |||||||||||||||||
| Interest component of rental expense | 98 | 98 | 111 | 127 | 141 | 107 | |||||||||||||||||
| Fixed charges as defined | 1,041 | 1,016 | 1,059 | 1,093 | 1,585 | 1,428 | |||||||||||||||||
| Tax deductible preferred dividends | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||
| 1,042 | 1,017 | 1,060 | 1,094 | 1,586 | 1,429 | ||||||||||||||||||
| Non-tax deductible preferred and preference dividends | 64 | 65 | 67 | 52 | 44 | 31 | |||||||||||||||||
| Ratio of net income before taxes to net income | x | 1.552 | x | 1.497 | x | 1.481 | x | 1.493 | x | 1.381 | x | 1.836 | |||||||||||
| Preferred and preference dividend requirements before income taxes | 99 | 97 | 99 | 78 | 61 | 58 | |||||||||||||||||
| Fixed charges plus preferred and preference dividend requirements | $ | 1,141 | $ | 1,114 | $ | 1,159 | $ | 1,172 | $ | 1,647 | $ | 1,487 | |||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES | 4.13 | 3.14 | 3.43 | 3.94 | 3.00 | 1.41 | |||||||||||||||||
