Exhibit 12
1/11/96
ALABAMA POWER COMPANY
Computation of ratio of earnings to fixed charges for the
the five years ended December 31, 1994
and the twelve months ended November 30, 1995
Twelve
Months
Ended
Year ended December 31, November 30,
1990 1991 1992 1993 1994 1995
-----------------------Thousands of Dollars-----------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Income Before Interest Charges $ 579,686 $ 616,561 $ 607,696 $ 608,050 $ 594,669 $ 624,455
Federal and state income taxes 111,882 202,354 172,003 167,021 242,569 184,372
Deferred income taxes, net 64,887 (6,058) 23,307 34,467 (32,536) 39,178
Deferred investment tax credits 132 (1,089) 0 (2,106) (4) 0
AFUDC - Debt funds 23,573 7,101 2,564 3,016 3,590 6,567
----------- ----------- ----------- ----------- ----------- ----------
Earnings as defined $ 780,160 $ 818,869 $ 805,570 $ 810,448 $ 808,288 $ 854,572
=========== =========== =========== =========== =========== ==========
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 225,328 $ 217,338 $ 209,184 $ 186,779 $ 180,182 $ 183,475
Interest on interim obligations 10,252 13,385 3,704 3,760 5,939 16,114
Amort of debt disc, premium and expense, net 3,249 2,205 4,250 8,999 9,655 9,929
Other interest charges 13,115 14,929 19,382 35,475 19,909 26,987
----------- ----------- ----------- ----------- ----------- ----------
Fixed charges as defined $ 251,944 $ 247,857 $ 236,520 $ 235,013 $ 215,685 $ 236,505
=========== =========== =========== =========== =========== ==========
RATIO OF EARNINGS TO FIXED CHARGES 3.10 3.30 3.41 3.45 3.75 3.61
==== ==== ==== ==== ==== ====
Note: The above figures have been adjusted to give effect to Alabama
Power Company's 50% ownership of Southern Electric Generating
Company.
ALABAMA POWER COMPANY
Computation of ratio of earnings to fixed charges plus preferred dividend
requirements for the five years ended December 31, 1994 and the twelve months
ended November 30, 1995
Twelve
Months
Ended
Year ended December 31, November 30,
1990 1991 1992 1993 1994 1995
-----------------------Thousands of Dollars-----------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Income Before Interest Charges $ 579,686 $ 616,561 $ 607,696 $ 608,050 $ 594,669 $ 624,455
Federal and state income taxes 111,882 202,354 172,003 167,021 242,569 184,372
Deferred income taxes, net 64,887 (6,058) 23,307 34,467 (32,536) 39,178
Deferred investment tax credits 132 (1,089) 0 (2,106) (4) 0
AFUDC - Debt funds 23,573 7,101 2,564 3,016 3,590 6,567
----------- ----------- ----------- ----------- ----------- ----------
Earnings as defined $ 780,160 $ 818,869 $ 805,570 $ 810,448 $ 808,288 $ 854,572
=========== =========== =========== =========== =========== ==========
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 225,328 $ 217,338 $ 209,184 $ 186,779 $ 180,182 $ 183,475
Interest on interim obligations 10,252 13,385 3,704 3,760 5,939 16,114
Amort of debt disc, premium and expense, net 3,249 2,205 4,250 8,999 9,655 9,929
Other interest charges 13,115 14,929 19,382 35,475 19,909 26,987
----------- ----------- ----------- ----------- ----------- ----------
Fixed charges as defined 251,944 247,857 236,520 235,013 215,685 236,505
Tax deductible preferred dividends 1,884 1,884 1,884 1,830 1,605 1,605
----------- ----------- ----------- ----------- ----------- ----------
253,828 249,741 238,404 236,843 217,290 238,110
----------- ----------- ----------- ----------- ----------- ----------
Non-tax deductible preferred dividends 36,628 34,255 33,302 27,729 24,630 25,502
Ratio of net income before taxes to net income x 1.504 x 1.519 x 1.523 x 1.530 x 1.549 x 1.567
----------- ----------- ----------- ----------- ----------- ----------
Pref dividend requirements before income taxes 55,089 52,033 50,719 42,425 38,152 39,962
----------- ----------- ----------- ----------- ----------- ----------
Fixed charges plus pref dividend requirements $ 308,917 $ 301,774 $ 289,123 $ 279,268 $ 255,442 $ 278,072
=========== =========== =========== =========== =========== ==========
RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED DIVIDEND REQUIREMENTS 2.53 2.71 2.79 2.90 3.16 3.07
==== ==== ==== ==== ==== ====
Note: The above figures have been adjusted to give effect to Alabama
Power Company's 50% ownership of Southern Electric Generating
Company.