Exhibit 12.2
7/12/01
THE SOUTHERN COMPANY
Computation of ratio of earnings to fixed charges plus preferred
dividend requirements for the five years ended December 31, 2000
and the twelve months ended March 31, 2001
Twelve
Months
Ended
Year ended December 31, March 31,
--------------------------------------------------------------
1996 1997 1998 1999 2000 2001
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----------------------------Thousands of Dollars---------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings Before Interest and Income Taxes $2,701,762 $2,876,455 $2,733,939 $3,446,757 $2,429,177 $2,467,234
AFUDC - Debt funds 19,073 14,053 11,914 23,924 44,356 47,648
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Earnings as defined $2,720,835 $2,890,508 $2,745,853 $3,470,681 $2,473,533 $2,514,882
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 530,067 $ 679,696 $ 712,819 $ 697,747 $ 485,488 $ 491,660
Interest on interim obligations 107,008 111,694 107,555 183,321 134,035 126,672
Amort of debt disc, premium and expense, net 33,184 34,233 65,460 124,835 30,247 30,967
Other interest charges 68,099 182,827 228,534 259,526 222,694 218,395
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Fixed charges as defined 738,358 1,008,450 1,114,368 1,265,429 872,464 867,694
Tax deductible preferred dividends 3,775 2,918 1,905 1,631 1,618 1,617
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742,133 1,011,368 1,116,273 1,267,060 874,082 869,311
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Non-tax deductible preferred dividends 80,841 39,823 23,384 18,792 17,575 17,684
Ratio of net income before taxes to net income x 1.619 x 1.804 x 1.508 x 1.491 x 1.565 x 1.570
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Pref dividend requirements before income taxes 130,882 71,841 35,263 28,019 27,505 27,764
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Fixed charges plus pref dividend requirements $ 873,015 $1,083,209 $1,151,536 $1,295,079 $ 901,587 $ 897,075
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RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED DIVIDEND REQUIREMENTS 3.12 2.67 2.38 2.68 2.74 2.80
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