EX-12.1 10 ex12-1spc03312016.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
SOUTHERN POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2015
and the three months ended March 31, 2016
 
Year ended December 31,
 
 
Three Months Ended
March 31,
 
 
2011
 
 
2012
 
 
2013
 
 
2014
 
 
2015
 
 
2016
 
---------------------------------------------Thousands of Dollars-----------------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
 
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
$
238,088

 
$
267,906

 
$
211,428

 
$
171,847

 
$
250,664

 
$
27,602

Interest expense, net of amounts capitalized
 
77,334

 
 
62,503

 
 
74,475

 
 
88,992

 
 
77,476

 
 
20,816

Interest component of rental expense
 
191

 
 
267

 
 
632

 
 
1,327

 
 
2,306

 
 
1,673

Amortization of capitalized interest
 
3,412

 
 
4,498

 
 
6,340

 
 
4,555

 
 
4,555

 
 
1,170

Pre-tax net (income)/loss from non-controlling interest
 
—

 
 
—

 
 
—

 
 
1,246

 
 
(11,889
)
 
 
(404
)
Earnings as defined
$
319,025

 
$
335,174

 
$
292,875

 
$
267,967

 
$
323,112

 
$
50,857

FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt
$
90,479

 
$
78,497

 
$
80,572

 
$
85,720

 
$
84,170

 
$
25,387

Interest on affiliated loans
 
534

 
 
—

 
 
—

 
 
—

 
 
—

 
 
—

Interest on interim obligations
 
1,374

 
 
1,930

 
 
1,412

 
 
1,109

 
 
4,103

 
 
4,028

Amortization of debt discount, premium and expense, net
 
2,026

 
 
1,169

 
 
1,266

 
 
1,261

 
 
2,117

 
 
819

Other interest charges
 
922

 
 
(1
)
 
 
402

 
 
789

 
 
848

 
 
165

Interest component of rental expense
 
191

 
 
267

 
 
632

 
 
1,327

 
 
2,306

 
 
1,673

Fixed charges as defined
$
95,526

 
$
81,862

 
$
84,284

 
$
90,206

 
$
93,544

 
$
32,072

RATIO OF EARNINGS TO FIXED CHARGES
 
3.34

 
 
4.09

 
 
3.47

 
 
2.97

 
 
3.45

 
 
1.59