Exhibit 12.2
1/26/97
MISSISSIPPI POWER COMPANY
Computation of ratio of earnings to fixed charges plus preferred
dividend requirements for the five years ended December 31, 1996
Year ended December 31,
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1991 1992 1993 1994 1995 1996
--------------------------Thousands of Dollars-----------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Income Before Interest Charges $ 56,740 $ 63,772 $ 67,726 $ 76,067 $ 82,765 $ 80,523
Federal and state income taxes 22,938 23,278 18,787 30,050 35,972 33,477
Deferred income taxes, net (11,869) (5,473) 5,039 1,563 (480) 74
Deferred investment tax credits (2) - - - - -
AFUDC - Debt funds 584 563 788 1,039 399 713
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Earnings as defined $ 68,391 $ 82,140 $ 92,340 $ 108,719 $ 118,656 $114,787
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 23,973 $ 22,357 $ 17,688 $ 19,725 $ 21,898 $ 19,898
Interest on interim obligations 1,512 362 1,000 1,442 1,141 1,416
Amort of debt disc, premium and expense, net 377 630 1,262 1,479 1,510 1,546
Other interest charges 286 339 728 404 1,185 753
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Fixed charges as defined 26,148 23,688 20,678 23,050 25,734 23,613
Tax deductible preferred dividends 330 330 330 261 261 261
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26,478 24,018 21,008 23,311 25,995 23,874
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Non-tax deductible preferred dividends 2,764 3,527 5,070 4,638 4,638 4,638
Ratio of net income before taxes to net income x 1.355 x 1.438 x 1.499 x 1.585 x 1.618 x 1.582
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Pref dividend requirements before income taxes 3,745 5,072 7,600 7,351 7,504 7,337
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Fixed charges plus pref dividend requirements $ 30,223 $ 29,090 $ 28,608 $ 30,662 $ 33,499 $ 31,211
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RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED DIVIDEND REQUIREMENTS 2.26 2.82 3.23 3.55 3.54 3.68