Exhibit 12.1
3/7/2005
ALABAMA POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2004
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2000 2001 2002 2003 2004
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EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings before income taxes $ 698,801 $ 652,467 $ 770,194 $ 782,220 $ 819,955
Interest expense, net of amounts capitalized 237,873 247,789 226,732 215,858 211,373
Distributions on mandatorily redeemable preferred securities 25,549 24,775 24,599 15,255 0
AFUDC - Debt funds 20,197 9,569 6,854 6,421 6,856
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Earnings as defined $ 982,420 $ 934,600 $ 1,028,379 $ 1,019,754 $ 1,038,184
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 222,530 $ 220,627 $ 208,148 $ 183,953 $ 173,226
Interest on affiliated loans 0 1,082 845 274 16,479
Interest on interim obligations 10,759 13,556 1,160 388 465
Amort of debt disc, premium and expense, net 11,668 11,740 12,857 15,671 14,793
Other interest charges 13,113 10,352 10,577 21,993 13,266
Distributions on mandatorily redeemable preferred securities 25,549 24,775 24,599 15,255 0
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Fixed charges as defined $ 283,619 $ 282,132 $ 258,186 $ 237,534 $ 218,229
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RATIO OF EARNINGS TO FIXED CHARGES 3.46 3.31 3.98 4.29 4.76
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