Exhibit 12.2
ALABAMA POWER COMPANY
Computation of ratio of earnings to fixed charges plus preferred
dividend requirements for the five years ended December 31, 2001
and the year to date September 30, 2002 Nine
Months
Ended
Year ended December 31, September 30,
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1997 1998 1999 2000 2001 2002
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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 $ 836,562
AFUDC - Debt funds 4,855 4,664 11,010 20,197 9,569 5,176
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Earnings as defined $ 844,963 $ 901,044 $ 914,567 $ 982,420 $ 934,600 $ 841,738
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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 $ 157,006
Interest on affiliated loans 0 0 0 0 0 725
Interest on interim obligations 22,787 11,012 9,865 10,759 14,638 1,149
Amort of debt disc, premium and expense, net 9,657 42,506 11,171 11,668 11,740 9,355
Other interest charges 42,381 40,445 39,819 38,661 35,129 24,704
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Fixed charges as defined 244,361 288,522 254,823 283,618 282,134 192,939
Tax deductible preferred dividends 1,589 1,236 1,089 1,089 1,089 817
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245,950 289,758 255,912 284,707 283,223 193,756
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Non-tax deductible preferred dividends 12,997 13,407 15,375 15,067 14,435 10,198
Ratio of net income before taxes to net income x 1.538 x 1.563 x 1.585 x 1.602 x 1.623 x 1.622
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Pref dividend requirements before income taxes 19,989 20,955 24,369 24,137 23,428 16,541
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Fixed charges plus pref dividend requirements $ 265,939 $ 310,713 $ 280,281 $ 308,844 $ 306,651 $ 210,297
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RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED DIVIDEND REQUIREMENTS 3.18 2.90 3.26 3.18 3.05 4.00
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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.