Exhibit 12(d)
Mississippi Power and Light Company
Computation of Ratios of Earnings to Fixed Charges and
Ratios of Earnings to Fixed Charges and Preferred Dividends
Years Ended
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December 31,
1989 1990 1991 1992 1993
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(In Thousands, Except for Ratios)
Fixed charges, as defined:
Interest on long-term debt $60,995 $ 59,675 $ 59,440 $ 56,646 $ 48,029
Interest on long-term debt - other 4,325 4,300 4,188 4,063 4,070
Interest on notes payable 1,031 1,512 953 36 7
Other interest charges 1,591 1,494 1,444 1,636 1,795
Amortization of expense and premium on debt-net(cr) 1,548 1,737 1,617 1,685 1,458
Interest applicable to rentals 533 596 574 521 1,264
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Total fixed charges, as defined 70,023 69,314 68,216 64,587 56,623
Preferred dividends, as defined (a) 2,584 17,584 14,962 12,823 12,990
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Fixed charges and preferred dividends, as defined $72,607 $ 86,898 $ 83,178 $ 77,410 $ 69,613
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Earnings as defined:
Net Income $12,419 $ 60,830 $ 63,088 $ 65,036 $101,743
Add:
Provision for income taxes:
Federal and State 370 4,027 (1,001) 4,463 54,418
Deferred Federal and State - net (8,636) 35,721 32,491 20,430 539
Investment tax credit adjustment - net (1,523) (1,835) (1,634) (1,746) 1,036
Fixed charges as above 70,023 69,314 68,216 64,587 56,623
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Total earnings, as defined $72,653 $168,057 $161,160 $152,770 $214,359
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Ratio of earnings to fixed charges, as defined 1.04 2.42 2.36 2.37 3.79
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Ratio of earnings to fixed charges and
preferred dividends, as defined 1.00 1.93 1.94 1.97 3.08
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(a) "Preferred dividends," as defined by SEC regulation S-K, are computed by dividing the
preferred dividend requirement by one hundred percent (100%) minus the income tax rate.
(b) Earnings for the twelve months ended December 31, 1989 include the impact of the
write-off of $60 million of deferred Grand Gulf 1 - related costs pursuant to an
agreement between MP&L and the MPSC.