5/30/97
THE SOUTHERN 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 April 30, 1997
Twelve
Months
Ended
Year ended December 31, April 30,
==========================================================================
1992 1993 1994 1995 1996 1997
---------------------------Thousands of Dollars---------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Income Before Interest Charges $1,792,538 $1,826,864 $1,756,149 $1,900,288 $1,944,144 $1,951,259
Currently payable federal & state income taxes 393,006 484,926 685,047 656,519 651,213 624,880
Deferred federal & state income taxes, net 220,577 209,376 (3,881) 86,938 56,603 51,932
Other income taxes, net (5,704) (17,535) 4,145 25,194 49,802 45,042
AFUDC - Debt funds 11,922 13,251 18,123 20,267 19,073 17,885
----------- --------- ---------- ----------- ----------- ----------
Earnings as defined $2,412,339 $2,516,882 $2,459,583 $2,689,206 $2,720,835 $2,690,998
=========== ========= ========== =========== =========== ==========
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 683,057 594,746 $ 567,120 $ 557,199 $ 530,067 $ 561,950
Interest on interim obligations 15,650 29,831 33,401 62,693 107,008 104,300
Amort of debt discount, premium & expense, net 14,231 26,295 29,911 43,960 33,184 28,266
Other interest charges 34,222 87,086 46,945 52,712 68,099 93,378
----------- --------- ----------- ----------- ------------ ---------
Fixed charges as defined 747,160 737,958 677,377 716,564 738,358 787,894
Tax deductible preferred dividends 4,217 4,069 3,775 3,775 3,775 3,775
----------- --------- ---------- ---------- ----------- ---------
751,377 742,027 681,152 720,339 742,133 791,669
----------- --------- ---------- ----------- ---------- ----------
Non-tax deductible preferred dividends 99,771 89,398 83,614 84,482 80,841 73,883
Ratio of net income before taxes to net income x 1.575 x 1.614 x 1.625 x 1.638 x 1.619 x1.611
----------- --------- ----------- ----------- ------------ ----------
Pref dividend requirements before income taxes 157,139 144,288 135,873 138,382 130,882 119,026
----------- --------- ----------- ----------- ------------ ----------
Fixed charges plus pref dividend requirements $ 908,516 $886,315 $ 817,025 $ 858,721 $ 873,015 $ 910,695
=========== ========= =========== =========== =========== ==========
RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED DIVIDEND REQUIREMENTS 2.66 2.84 3.01 3.13 3.12 2.95
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