EX-12.2 6 x12-2.htm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9/7/2007

ALABAMA POWER COMPANY

Computation of ratio of earnings to fixed charges plus preferred

and preference dividend requirements for the five years ended December 31, 2006

and the year to date June 30, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

Year ended December 31,

 

 

June 30,

 

 

2002

 

 

2003

 

 

2004

 

 

2005

 

 

2006

 

 

2007

 

--------------------------------------------------Thousands of Dollars--------------------------------------------------

EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

$

770,194

 

$

782,220

 

$

819,955

 

$

819,515

 

$

875,256

 

$

446,639

Interest expense, net of amounts capitalized

 

226,732

 

 

215,858

 

 

211,373

 

 

215,431

 

 

254,229

 

 

137,785

Distributions on mandatorily redeemable preferred securities

24,599

 

 

15,255

 

 

0

 

 

0

 

 

0

 

 

0

AFUDC - Debt funds

 

6,854

 

 

6,421

 

 

6,856

 

 

8,173

 

 

7,939

 

 

7,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings as defined

$

1,028,379

 

$

1,019,754

 

$

1,038,184

 

$

1,043,119

 

$

1,137,424

 

$

592,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

$

208,148

 

$

183,953

 

$

173,226

 

$

186,542

 

$

231,060

 

$

122,664

Interest on affiliated loans

 

845

 

 

274

 

 

16,479

 

 

16,563

 

 

16,764

 

 

8,274

Interest on interim obligations

 

1,160

 

 

388

 

 

465

 

 

1,063

 

 

1,873

 

 

1,791

Amort of debt disc, premium and expense, net

 

12,857

 

 

15,671

 

 

14,793

 

 

14,559

 

 

12,987

 

 

7,226

Other interest charges

 

10,577

 

 

21,993

 

 

13,266

 

 

4,877

 

 

(514)

 

 

5,430

Distributions on mandatorily redeemable preferred securities

24,599

 

 

15,255

 

 

0

 

 

0

 

 

0

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges as defined

 

258,186

 

 

237,534

 

 

218,229

 

 

223,604

 

 

262,170

 

 

145,385

Tax deductible preferred dividends

 

1,089

 

 

1,089

 

 

1,089

 

 

1,089

 

 

1,089

 

 

544

 

 

259,275

 

 

238,623

 

 

219,318

 

 

224,693

 

 

263,259

 

 

145,929

Non-tax deductible preferred and preference dividends

 

13,350

 

 

17,178

 

 

22,508

 

 

23,200

 

 

23,645

 

 

15,819

Ratio of net income before taxes to net income

x

1.619

 

x

1.593

 

x

1.624

 

x

1.540

 

x

1.613

 

x

1.604

Pref dividend requirements before income taxes

 

21,614

 

 

27,365

 

 

36,553

 

 

35,728

 

 

38,139

 

 

25,374

Fixed charges plus pref dividend requirements

$

280,889

 

$

265,988

 

$

255,871

 

$

260,421

 

$

301,398

 

$

171,303

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES PLUS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PREFERRED AND PREFERENCE DIVIDEND REQUIREMENTS

 

3.66

 

 

3.83

 

 

4.06

 

 

4.01

 

 

3.77

 

 

3.46