Exhibit 12.1
11/8/2004
ALABAMA POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2003
and the year to date September 30, 2004
Nine
Months
Ended
Year ended December 31, September 30,
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1999 2000 2001 2002 2003 2004
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------------------------------Thousands of Dollars----------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings before income taxes $659,745 $698,801 $652,467 $ 770,194 $ 782,220 $702,519
Interest expense, net of amounts capitalized 219,150 237,873 247,789 226,732 215,858 158,380
Distributions on mandatorily redeemable preferred securities 24,662 25,549 24,775 24,599 15,255 3,938
AFUDC - Debt funds 11,010 20,197 9,569 6,854 6,421 5,139
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Earnings as defined $914,567 $982,420 $934,600 $1,028,379 $1,019,754 $869,976
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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 $132,554
Interest on affiliated loans 0 0 1,082 845 274 8,485
Interest on interim obligations 9,865 10,759 13,556 1,160 388 273
Amort of debt disc, premium and expense, net 11,171 11,668 11,740 12,857 15,671 11,118
Other interest charges 15,158 13,113 10,352 10,577 21,993 11,090
Distributions on mandatorily redeemable preferred securities 24,662 25,549 24,775 24,599 15,255 3,938
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Fixed charges as defined $254,824 $283,619 $282,132 $ 258,186 $ 237,534 $167,458
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RATIO OF EARNINGS TO FIXED CHARGES 3.59 3.46 3.31 3.98 4.29 5.20
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