Exhibit 12.1
ALABAMA POWER COMPANY
Computation of ratio of earnings to fixed charges for the
five years ended December 31, 2001
and the year to date June 30, 2002
Six
Months
Ended
Year ended December 31, June 30,
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1997 1998 1999 2000 2001 2002
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-----------------------------------Thousands of Dollars-----------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Interest and Income Taxes $ 840,108 $ 896,380 $ 903,557 $ 962,223 $ 925,031 $ 444,739
AFUDC - Debt funds 4,855 4,664 11,010 20,197 9,569 3,646
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Earnings as defined $ 844,963 $ 901,044 $ 914,567 $ 982,420 $ 934,600 $ 448,385
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 169,536 $ 194,559 $ 193,968 $ 222,530 $ 220,627 $ 107,392
Interest on interim obligations 22,787 11,012 9,865 10,759 14,638 1,307
Amort of debt disc, premium and expense, net 9,657 42,506 11,171 11,668 11,740 6,257
Other interest charges 42,381 40,445 39,819 38,661 35,129 15,407
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Fixed charges as defined $ 244,361 $ 288,522 $ 254,823 $ 283,618 $ 282,134 $ 130,363
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RATIO OF EARNINGS TO FIXED CHARGES 3.46 3.12 3.59 3.46 3.31 3.44
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Note: The above figures have been adjusted to give effect to ALABAMA Power Company's 50% ownership of Southern
Electric Generating Company.