Exhibit 12.2
1/28/98
MISSISSIPPI POWER COMPANY
Computation of ratio of earnings to fixed charges plus preferred
dividend requirements for the five years ended December 31, 1996
and the twelve months ended December 31, 1997
Twelve
Months
Ended
Year ended December 31, December 31,
=========================================================================
1992 1993 1994 1995 1996 1997
-----------------------------Thousands of Dollars------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Income Before Interest Charges $63,772 $67,726 $ 76,067 $ 82,765 $ 80,523 $ 81,769
Federal and state income taxes 23,278 18,787 30,050 35,972 33,477 33,189
Deferred income taxes, net (5,473) 5,039 1,563 (480) 74 (1,808)
Deferred investment tax credits - - - - - -
AFUDC - Debt funds 563 788 1,039 399 713 -
-------- -------- --------- --------- --------- ---------
Earnings as defined $82,140 $92,340 $108,719 $118,656 $114,787 $113,150
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $22,357 $17,688 $ 19,725 $ 21,898 $ 19,898 $ 19,856
Interest on interim obligations 362 1,000 1,442 1,141 1,416 96
Amort of debt disc, premium and expense, net 630 1,262 1,479 1,510 1,546 1,577
Other interest charges 339 728 404 1,185 753 2,942
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Fixed charges as defined 23,688 20,678 23,050 25,734 23,613 24,471
Tax deductible preferred dividends 330 330 261 261 261 261
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24,018 21,008 23,311 25,995 23,874 24,732
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Non-tax deductible preferred dividends 3,527 5,070 4,638 4,638 4,638 3,026
Ratio of net income before taxes to net income x 1.438 x 1.499 x 1.585 x 1.618 x 1.582 x 1.548
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Pref dividend requirements before income taxes 5,072 7,600 7,351 7,504 7,337 4,684
-------- -------- --------- --------- --------- ---------
Fixed charges plus pref dividend requirements $29,090 $28,608 $ 30,662 $ 33,499 $ 31,211 $ 29,416
======== ======== ========= ========= ========= =========
RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED DIVIDEND REQUIREMENTS 2.82 3.23 3.55 3.54 3.68 3.85