Exhibit 99(d)
Mississippi Power and Light Company
Computation of Ratios of Earnings to Fixed Charges and
Ratios of Earnings to Fixed Charges and Preferred Dividends
Twelve Months Ended
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December 31, March 31,
1989 1990 1991 1992 1993 1994
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(In Thousands, Except for Ratios)
Fixed charges, as defined:
Interest on long-term debt $60,995 $59,675 $59,440 $56,646 $48,029 $46,144
Interest on long-term debt - other 4,325 4,300 4,188 4,063 4,070 4,071
Interest on notes payable 1,031 1,512 953 36 7 270
Other interest charges 1,591 1,494 1,444 1,636 1,795 2,087
Amortization of expense and premium on debt-net(cr) 1,548 1,737 1,617 1,685 1,458 1,593
Interest applicable to rentals 533 596 574 521 1,264 1,213
Total fixed charges, as defined 70,023 69,314 68,216 64,587 56,623 55,378
Preferred dividends, as defined (a) 2,584 17,584 14,962 12,823 12,990 13,648
Fixed charges and preferred dividends, as defined $72,607 $86,898 $83,178 $77,410 $69,613 $69,026
Earnings as defined:
Net Income $12,419 $60,830 $63,088 $65,036 $101,743 $65,210
Add:
Provision for income taxes:
Federal and State 370 4,027 (1,001) 4,463 54,418 51,297
Deferred Federal and State - net (8,636) 35,721 32,491 20,430 539 (15,721)
Investment tax credit adjustment - net (1,523) (1,835) (1,634) (1,746) 1,036 1,043
Fixed charges as above 70,023 69,314 68,216 64,587 56,623 55,378
Total earnings, as defined $72,653 $168,057 $161,160 $152,770 $214,359 $157,207
Ratio of earnings to fixed charges, as defined 1.04 2.42 2.36 2.37 3.79 2.84
Ratio of earnings to fixed charges and
preferred dividends, as defined 1.00 1.93 1.94 1.97 3.08 2.28
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(a) "Preferred dividends," as defined by SEC regulation S-K, are computed by dividing the preferred dividend
requirement by one hundred percent (100%) minus the income tax rate.
(b) Earnings for the twelve months ended December 31, 1989 include the impact of the write-off of $60 million
of deferred Grand Gulf 1 - related costs pursuant to an agreement between MP&L and the MPSC.