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, September 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 $43,311
Interest on long-term debt - other 4,325 4,300 4,188 4,063 4,070 3,697
Interest on notes payable 1,031 1,512 953 36 7 1,242
Other interest charges 1,591 1,494 1,444 1,636 1,795 2,992
Amortization of expense and premium on debt-net(cr) 1,548 1,737 1,617 1,685 1,458 1,775
Interest applicable to rentals 533 596 574 521 1,264 1,496
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Total fixed charges, as defined 70,023 69,314 68,216 64,587 56,623 54,513
Preferred dividends, as defined (a) 2,584 17,584 14,962 12,823 12,990 11,982
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Combined fixed charges and preferred dividends, as defined $72,607 $86,898 $83,178 $77,410 $69,613 $66,495
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Earnings as defined:
Net Income $12,419 $60,830 $63,088 $65,036 $101,743 $45,458
Add:
Provision for income taxes:
Federal and State 370 4,027 (1,001) 4,463 54,418 47,021
Deferred Federal and State - net (8,636) 35,721 32,491 20,430 539 (24,565)
Investment tax credit adjustment - net (1,523) (1,835) (1,634) (1,746) 1,036 1,014
Fixed charges as above 70,023 69,314 68,216 64,587 56,623 54,513
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Total earnings, as defined $72,653 $168,057 $161,160 $152,770 $214,359 $123,441
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Ratio of earnings to fixed charges, as defined 1.04 2.42 2.36 2.37 3.79 2.26
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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 1.86
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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.