EX-12.2 5 ex12-2gpc12312015.htm EXHIBIT 12.2 Exhibit


Exhibit 12.2
GEORGIA POWER COMPANY
Computation of ratio of earnings to fixed charges plus preferred and preference dividend requirements
the five years ended December 31, 2015
 
 
Year ended December 31,
 
 
 
 
 
2011
 
 
2012
 
 
2013
 
 
2014
 
 
2015
 
---------------------------------------------Thousands of Dollars-----------------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
 
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
 
 
 
$
1,781,406

 
$
1,867,911

 
$
1,909,491

 
$
1,965,691

 
$
2,040,164

Distributed income of equity investees
 
 
 
 
13,830

 
 
7,126

 
 
3,649

 
 
1,632

 
 
17

Interest expense, net of amounts capitalized
 
 
 
 
342,935

 
 
365,842

 
 
360,546

 
 
348,482

 
 
363,120

Interest component of rental expense
 

 
 
59,943

 
 
60,987

 
 
64,442

 
 
64,296

 
 
97,651

Amortization of capitalized interest
 
 
 
 
40

 
 
41

 
 
40

 
 
40

 
 
40

AFUDC - Debt funds
 
 
 
 
36,952

 
 
21,185

 
 
13,500

 
 
17,903

 
 
16,061

Earnings as defined
 
 
 
$
2,235,106

 
$
2,323,092

 
$
2,351,668

 
$
2,398,044

 
$
2,517,053

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

 
$
362,030

 
$
364,508

 
$
340,983

 
$
332,634

 
$
345,282

Interest on affiliated loans
 
 
 
 
9,340

 
 
174

 
 
281

 
 
697

 
 
811

Interest on interim obligations
 
 
 
 

 
 
1,359

 
 
664

 
 
671

 
 
495

Amortization of debt discount, premium and expense, net
 
 
 
 
22,497

 
 
23,033

 
 
25,868

 
 
25,315

 
 
24,496

Other interest charges
 

 
 
(13,834
)
 
 
(1,953
)
 
 
6,366

 
 
7,400

 
 
8,277

Interest component of rental expense
 
 
 
 
59,943

 
 
60,987

 
 
64,442

 
 
64,296

 
 
97,651

Fixed charges as defined
 

 
$
439,976

 
$
448,108

 
$
438,604

 
$
431,013

 
$
477,012

Tax deductible preferred dividends
 
 
 
 

 
 

 
 

 
 

 
 
 
 
 

 
 
439,976

 
 
448,108

 
 
438,604

 
 
431,013

 
 
477,012

Non-tax deductible preferred and preference dividends
 
 
 
 
17,381

 
 
17,381

 
 
17,381

 
 
17,381

 
 
17,381

Ratio of net income before taxes to net income
 
 
x
 
1.538

 
x
1.580

 
x
1.606

 
x
1.587

 
x
1.602

Preferred and preference dividend requirements before taxes
 

 
 
26,735

 
 
27,471

 
 
27,920

 
 
27,584

 
 
27,840

Fixed charges plus preferred and preference dividend requirements
 

 
$
466,711

 
$
475,579

 
$
466,524

 
$
458,597

 
$
504,852

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
 

 
 
4.79

 
 
4.88

 
 
5.04

 
 
5.23

 
 
4.99