Exhibit 12(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,
1990 1991 1992 1993 1994
Fixed charges, as defined:
Interest on long-term debt $59,675 $59,440 $56,646 $48,029 $42,265
Interest on long-term debt - other 4,300 4,188 4,063 4,070 3,816
Interest on notes payable 1,512 953 36 7 1,348
Other interest charges 1,494 1,444 1,636 1,795 3,581
Amortization of expense and premium on debt-net(cr) 1,737 1,617 1,685 1,458 1,754
Interest applicable to rentals 596 574 521 1,264 1,716
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Total fixed charges, as defined 69,314 68,216 64,587 56,623 54,480
Preferred dividends, as defined (a) 17,584 14,962 12,823 12,990 9,447
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Combined fixed charges and preferred dividends, as defined $86,898 $83,178 $77,410 $69,613 $63,927
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Earnings as defined:
Net Income $60,830 $63,088 $65,036 $101,743 $48,779
Add:
Provision for income taxes:
Federal and State 4,027 (1,001) 4,463 54,418 46,884
Deferred Federal and State - net 35,721 32,491 20,430 539 (26,763)
Investment tax credit adjustment - net (1,835) (1,634) (1,746) 1,036 (7,645)
Fixed charges as above 69,314 68,216 64,587 56,623 54,480
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Total earnings, as defined $168,057 $161,160 $152,770 $214,359 $115,735
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Ratio of earnings to fixed charges, as defined 2.42 2.36 2.37 3.79 2.12
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Ratio of earnings to combined fixed charges and
preferred dividends, as defined 1.93 1.94 1.97 3.08 1.81
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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.