Exhibit 12.1
6/20/2005
MISSISSIPPI POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2004
and the year to date March 31, 2005
Three
Months
Ended
Year ended December 31, March 31,
--------------------------------------------------------------------
2000 2001 2002 2003 2004 2005
---- ---- ---- ---- ---- ----
------------------------------Thousands of Dollars------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings before income taxes $ 91,457 $ 106,391 $ 120,905 $ 120,827 $131,299 $ 28,193
Interest expense, net of amounts capitalized 28,101 23,568 18,650 14,369 13,724 4,175
Distributions on mandatorily redeemable preferred securities 2,712 2,712 3,016 2,520 630 0
AFUDC - Debt funds 0 0 0 0 0 0
---------- ---------- ----------- ---------- -------- ---------
Earnings as defined $ 122,270 $ 132,671 $ 142,571 $ 137,716 $145,653 $ 32,368
========== ========== =========== ========== ======== =========
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 24,595 $ 18,185 $ 14,319 $ 10,116 $ 9,067 $ 2,461
Interest on affiliated loans 0 1,002 206 55 2,218 791
Interest on interim obligations 2,450 1,518 0 0 0 0
Amort of debt disc, premium and expense, net 1,313 954 1,021 1,178 1,080 264
Other interest charges (257) 1,909 3,104 3,020 1,359 659
Distributions on mandatorily redeemable preferred securities 2,712 2,712 3,016 2,520 630 0
---------- ---------- ----------- ---------- -------- ---------
Fixed charges as defined $ 30,813 $ 26,280 $ 21,666 $ 16,889 $ 14,354 $ 4,175
========== =========== =========== ========== ======== =========
RATIO OF EARNINGS TO FIXED CHARGES 3.97 5.05 6.58 8.15 10.15 7.75
===== ===== ===== ===== ====== =====