Exhibit 12.2
9/30/98
THE SOUTHERN 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 June 30, 1998
Twelve
Months
Ended
Year ended December 31, June 30,
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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 $1,826,864 $1,756,149 $1,900,288 $1,944,144 $ 2,037,380 $ 2,242,758
Currently payable federal & state
income taxes 484,926 685,047 656,519 651,213 650,939 679,330
Deferred federal & state income
taxes, net 209,376 (3,881) 86,938 56,603 23,959 (4,233)
Other income taxes, net (17,535) 4,145 25,194 49,802 164,177 170,207
AFUDC - Debt funds 13,251 18,123 20,267 19,073 14,053 11,071
----------- ----------- ----------- ----------- ------------ ------------
Earnings as defined $2,516,882 $2,459,583 $2,689,206 $2,720,835 $ 2,890,508 $ 3,099,133
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 594,746 $ 567,120 $ 557,199 $ 530,067 $ 679,696 $ 715,101
Interest on interim obligations 29,831 33,401 62,693 107,008 111,694 117,702
Amort of debt discount, premium &
expense, net 26,295 29,911 43,960 33,184 34,233 58,351
Other interest charges 87,086 46,945 52,712 68,099 182,827 225,841
----------- ---------- ----------- ----------- ------------ ------------
Fixed charges as defined 737,958 677,377 716,564 738,358 1,008,450 1,116,995
Tax deductible preferred dividends 4,069 3,775 3,775 3,775 2,918 2,362
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742,027 681,152 720,339 742,133 1,011,368 1,119,357
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Non-tax deductible preferred dividends 89,398 83,614 84,482 80,841 39,823 22,196
Ratio of net income before taxes to net
income x 1.614 x 1.625 x 1.638 1.619 x 1.804 x 1.744
----------- ---------- ----------- ----------- ------------ ------------
Pref dividend requirements before
income taxes 144,288 135,873 138,382 130,882 71,841 38,710
----------- ---------- ----------- ----------- ------------ ------------
Fixed charges plus pref dividend
requirements $ 886,315 817,025 $ 858,721 $ 873,015 $ 1,083,209 $ 1,158,067
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RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED DIVIDEND REQUIREMENTS 2.84 3.01 3.13 3.12 2.67 2.68
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