EXHIBIT 12.1
MISSISSIPPI POWER COMPANY
Computation of ratio of earnings to fixed charges for the
the five years ended December 31, 1997
and the twelve months ended March 31, 1998
Twelve
Months
Ended
Year ended December 31, March 31,
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1993 1994 1995 1996 1997 1998
----------------------------Thousands of Dollars-------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Income Before Interest Charges $ 67,726 $ 76,067 $ 82,765 $ 80,523 $ 81,769 $ 79,504
Federal and state income taxes 18,787 30,050 35,972 33,476 33,188 32,212
Deferred income taxes, net 5,039 1,563 (480) 74 (1,808) (2,620)
Deferred investment tax credits - - - - - -
AFUDC - Debt funds 788 1,039 399 713 - (8)
-------- --------- --------- --------- --------- ---------
Earnings as defined $ 92,340 $ 108,719 $ 118,656 $ 114,786 $ 113,149 $ 109,088
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 17,688 $ 19,725 $ 21,898 $ 19,898 $ 19,856 $ 19,758
Interest on interim obligations 1,000 1,442 1,141 1,416 96 478
Amort of debt disc, premium and expense, net 1,262 1,479 1,510 1,547 1,577 1,578
Other interest charges 728 404 1,185 753 2,943 3,372
--------- -------- ------- --------- -------- --------
Fixed charges as defined $ 20,678 $ 23,050 $ 25,734 $ 23,614 $ 24,472 $ 25,186
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RATIO OF EARNINGS TO FIXED CHARGES 4.47 4.72 4.61 4.86 4.62 4.33