Exhibit 12.1
4/18/2003
MISSISSIPPI POWER COMPANY
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Computation of ratio of earnings to fixed charges for the
the five years ended December 31, 2002
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1998 1999 2000 2001 2002
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-------------------------Thousands of Dollars-------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Income Taxes $ 91,774 $ 90,939 $ 91,457 $106,391 $120,905
Interest expense, net of amounts capitalized 23,746 27,969 28,101 23,568 18,650
Distributions on preferred securities of subsidiary 2,712 2,712 2,712 2,712 3,016
AFUDC - Debt funds 0 0 0 0 0
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Earnings as defined $118,232 $121,620 $122,270 $132,671 $142,571
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 20,567 $ 20,455 $ 24,595 $ 18,187 $ 14,318
Interest on affiliated loans 0 0 0 1,002 206
Interest on interim obligations 943 2,750 2,450 1,518 0
Amort of debt disc, premium and expense, net 1,446 1,432 1,313 954 1,021
Other interest charges 790 3,332 (257) 1,907 3,105
Distributions on preferred securities of subsidiary 2,712 2,712 2,712 2,712 3,016
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Fixed charges as defined $ 26,458 $ 30,681 $ 30,813 $ 26,280 $ 21,666
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RATIO OF EARNINGS TO FIXED CHARGES 4.47 3.96 3.97 5.05 6.58