Exhibit 99(d)
Mississippi Power and Light Company
Computation of Ratios of Earnings to Fixed Charges and
Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
Twelve Months Ended
December 31, June 30,
1989 1990 1991 1992 1993 1994
(In Thousands, Except for Ratios)
Fixed charges, as defined:
Interest on long-term debt $60,995 $59,675 $59,440 $56,646 $48,029 $44,640
Interest on long-term debt - other 4,325 4,300 4,188 4,063 4,070 3,935
Interest on notes payable 1,031 1,512 953 36 7 884
Other interest charges 1,591 1,494 1,444 1,636 1,795 2,443
Amortization of expense and premium on debt-net(cr) 1,548 1,737 1,617 1,685 1,458 1,713
Interest applicable to rentals 533 596 574 521 1,264 1,408
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Total fixed charges, as defined 70,023 69,314 68,216 64,587 56,623 55,023
Preferred dividends, as defined (a) 2,584 17,584 14,962 12,823 12,990 12,778
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Combined fixed charges and preferred dividends, as defined $72,607 $86,898 $83,178 $77,410 $69,613 $67,801
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Earnings as defined:
Net Income $12,419 $60,830 $63,088 $65,036 $101,743 $61,524
Add:
Provision for income taxes:
Federal and State 370 4,027 (1,001) 4,463 54,418 53,243
Deferred Federal and State - net (8,636) 35,721 32,491 20,430 539 (21,321)
Investment tax credit adjustment - net (1,523) (1,835) (1,634) (1,746) 1,036 1,030
Fixed charges as above 70,023 69,314 68,216 64,587 56,623 55,023
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Total earnings, as defined $72,653 $168,057 $161,160 $152,770 $214,359 $149,499
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Ratio of earnings to fixed charges, as defined 1.04 2.42 2.36 2.37 3.79 2.72
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Ratio of earnings to combined fixed charges and
preferred dividends, as defined 1.00 1.93 1.94 1.97 3.08 2.20
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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.