Exhibit 12.1
4/12/04
ALABAMA POWER COMPANY
Computation of ratio of earnings to fixed charges for the
five years ended December 31, 2003
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1999 2000 2001 2002 2003
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EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Income Taxes $659,745 $698,802 $652,468 $ 770,194 $ 782,220
Interest expense, net of amounts capitalized 219,150 237,872 247,788 226,732 215,858
Distrib on shares subj to mandatory redemption 24,662 25,549 24,775 24,599 15,255
AFUDC - Debt funds 11,010 20,197 9,569 6,854 6,421
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Earnings as defined $914,567 $982,420 $934,600 $1,028,379 $1,019,754
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $193,968 $222,530 $220,627 $ 208,148 $ 183,953
Interest on affiliated loans 845 274
Interest on interim obligations 9,865 10,759 14,638 1,160 388
Amort of debt disc, premium and expense, net 11,171 11,668 11,740 12,857 15,671
Other interest charges 15,157 13,112 10,354 10,577 21,993
Distrib on shares subj to mandatory redemption 24,662 25,549 24,775 24,599 15,255
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Fixed charges as defined $254,823 $283,618 $282,134 $ 258,186 $ 237,534
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RATIO OF EARNINGS TO FIXED CHARGES 3.59 3.46 3.31 3.98 4.29
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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.