Exhibit 12.2
3/3/2004
MISSISSIPPI POWER COMPANY
Computation of ratio of earnings to fixed charges plus
preferred dividend requirements for the five years ended December 31, 2003
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1999 2000 2001 2002 2003
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-----------------------Thousands of Dollars-----------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Income Taxes $ 90,939 $ 91,457 $106,391 $120,905 $120,827
Interest expense, net of amounts capitalized 27,969 28,101 23,568 18,650 14,369
Distributions on preferred securities of subsidiary 2,712 2,712 2,712 3,016 2,520
AFUDC - Debt funds 0 0 0 0 0
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Earnings as defined $121,620 $122,270 $132,671 $142,571 $137,716
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 20,455 $ 24,595 $ 18,187 $ 14,318 $ 10,117
Interest on affiliated loans 0 0 1,002 206 55
Interest on interim obligations 2,750 2,450 1,518 0 0
Amort of debt disc, premium and expense, net 1,432 1,313 954 1,021 1,178
Other interest charges 3,332 (257) 1,907 3,105 3,019
Distributions on preferred securities of subsidiary 2,712 2,712 2,712 3,016 2,520
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Fixed charges as defined 30,681 30,813 26,280 21,666 16,889
Tax deductible preferred dividends 239 239 239 239 239
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30,920 31,052 26,519 21,905 17,128
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Non-tax deductible preferred dividends 1,774 1,890 1,802 1,774 1,774
Ratio of net income before taxes to net income x 1.600 x 1.602 x 1.615 x 1.612 x 1.600
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Pref dividend requirements before income taxes 2,838 3,028 2,910 2,860 2,838
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Fixed charges plus pref dividend requirements $ 33,758 $ 34,080 $ 29,429 $ 24,765 $ 19,966
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RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED DIVIDEND REQUIREMENTS 3.60 3.59 4.51 5.76 6.90
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