Exhibit 12.1
12/12/2002
ALABAMA POWER COMPANY
Computation of ratio of earnings to fixed charges for the
five years ended December 31, 2001
and the year to date September 30, 2002
Year ended December 31,
1997 1998 1999 2000
------------------------------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
AFUDC - Debt funds 4,855 4,664 11,010 20,197
------------ ----------- --------- ----------
Earnings as defined $ 844,963 $ 901,044 $ 914,567 $ 982,420
============ =========== ========= ==========
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 169,536 $ 194,559 $ 193,968 $ 222,530
Interest on affiliated loans
Interest on interim obligations 22,787 11,012 9,865 10,759
Amort of debt disc, premium and expense, net 9,657 42,506 11,171 11,668
Other interest charges 42,381 40,445 39,819 38,661
------------ ----------- --------- ----------
Fixed charges as defined $ 244,361 $ 288,522 $ 254,823 $ 283,618
============ =========== ========= ==========
RATIO OF EARNINGS TO FIXED CHARGES 3.46 3.12 3.59 3.46
Nine
Months
Ended
Year ended December 31, September 30,
2001 2002
---------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Interest and Income Taxes $ 925,031 $ 836,562
AFUDC - Debt funds 9,569 5,176
--------- -----------
Earnings as defined $ 934,600 $ 841,738
========== ==========
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 220,627 $ 157,006
Interest on affiliated loans 725
Interest on interim obligations 14,638 1,149
Amort of debt disc, premium and expense, net 11,740 9,355
Other interest charges 35,129 24,704
--------- ---------
Fixed charges as defined $ 282,134 $ 192,939
========= ==========
RATIO OF EARNINGS TO FIXED CHARGES 3.31 4.36
Note: The above figures have been adjusted to give effect to ALABAMA Power Company's 50% ownership of Southern
Electric Generating Company.