Exhibit 12.1
12/3/2003
ALABAMA POWER COMPANY
Computation of ratio of earnings to fixed charges for the
five years ended December 31, 2002
and the year to date September 30, 2003
Nine
Months
Ended
Year ended December 31, September 30,
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1998 1999 2000 2001 2002 2003
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------------------------Thousands of Dollars------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Income Taxes $ 612,521 $ 659,745 $ 698,802 $ 652,468 $ 770,194 $ 678,953
Interest expense, net of amounts capitalized 261,505 219,150 237,872 247,788 226,732 164,719
Distrib on shares subj to mandatory redemption 22,354 24,662 25,549 24,775 24,599 11,317
AFUDC - Debt funds 4,664 11,010 20,197 9,569 6,854 5,076
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Earnings as defined $ 901,044 $ 914,567 $ 982,420 $ 934,600 $ 1,028,379 $ 860,065
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 194,559 $ 193,968 $ 222,530 $ 220,627 $ 208,148 $ 139,876
Interest on affiliated loans 845 261
Interest on interim obligations 11,012 9,865 10,759 14,638 1,160 388
Amort of debt disc, premium and expense, net 42,506 11,171 11,668 11,740 12,857 11,622
Other interest charges 18,091 15,157 13,112 10,354 10,577 17,648
Distrib on shares subj to mandatory redemption 22,354 24,662 25,549 24,775 24,599 11,317
Fixed charges as defined $ 288,522 $ 254,823 $ 283,618 $ 282,134 $ 258,186 $ 181,112
========== ========== ========== ========== =========== ==========
RATIO OF EARNINGS TO FIXED CHARGES 3.12 3.59 3.46 3.31 3.98 4.75
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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.