Exhibit 12.1
8/17/99
ALABAMA POWER COMPANY
Computation of ratio of earnings to fixed charges for the
the five years ended December 31, 1998
and the twelve months ended June, 30 1999
Twelve
Year ended December 31, Months
Ended
----------------------------------------------------------------------- June, 30
1994 1995 1996 1997 1998 1999
---- ---- ---- ---- ---- -----
------------------------------Thousands of Dollars------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Income Before Interest Charges $594,669 $628,304 $627,627 $645,449 $702,409 $664,224
Federal and state income taxes 242,569 186,856 191,167 222,956 141,332 112,208
Deferred income taxes, net (32,536) 32,047 16,715 (12,879) 79,323 100,629
Deferred investment tax credits (4) (75) 0 0 0 0
AFUDC - Debt funds 3,590 7,109 6,517 4,855 4,664 8,445
-------- -------- -------- -------- -------- --------
Earnings as defined $808,288 $854,241 $842,026 $860,381 $927,728 $885,506
======== ======== ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $180,182 $183,199 $171,689 $169,536 $194,559 $193,076
Interest on interim obligations 5,939 16,917 20,617 22,787 11,012 9,225
Amort of debt disc, premium and expense, net 9,655 20,270 9,520 9,657 42,506 18,115
Other interest charges 19,909 27,064 34,227 57,799 67,129 63,962
-------- -------- -------- -------- -------- --------
Fixed charges as defined $215,685 $247,450 $236,053 $259,779 $315,206 $284,378
======== ======== ======== ======== ======== ========
RATIO OF EARNINGS TO FIXED CHARGES 3.75 3.45 3.57 3.31 2.94 3.11
Note: The above figures have been adjusted to give effect to Alabama Power Company's 50% ownership of Southern Electric
Generating Company.