EXHIBIT 12.2
MISSISSIPPI POWER COMPANY
Computation of ratio of earnings to fixed charges plus preferred
dividend requirements for 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
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---------------------------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)
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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
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Fixed charges as defined 20,678 23,050 25,734 23,614 24,472 25,186
Tax deductible preferred dividends 330 261 261 261 261 261
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21,008 23,311 25,995 23,875 24,733 25,447
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Non-tax deductible preferred dividends 5,070 4,638 4,638 4,638 3,026 2,297
Ratio of net income before taxes to net income x 1.499 x 1.585 x 1.618 x 1.582 x 1.548 x 1.545
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Pref dividend requirements before income taxes 7,600 7,351 7,504 7,337 4,684 3,549
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Fixed charges plus pref dividend requirements $ 28,608 $ 30,662 $ 33,499 $ 31,212 $ 29,417 $ 28,996
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RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED DIVIDEND REQUIREMENTS 3.23 3.55 3.54 3.68 3.85 3.76
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