Exhibit 99.03

 Southern Company

Significant Factors Impacting EPS

	Three Months Ended June				Year-to-Date June
		2011	2010	Change		2011	2010	Change
Consolidated Earnings Per Share–
As Reported (See Notes)		$0.71	$0.62	$0.09		$1.20	$1.22	($0.02)
Significant Factors:
Traditional Operating Companies				0.09				(0.02)
Southern Power				0.02				0.04
Parent Company and Other				0.00				0.00
Additional Shares				(0.02)				(0.04)
Total–As Reported				$0.09				($0.02)

Notes
-	For the three months and six months ended June 30, 2011 and 2010, dilution does not change basic earnings per share by more than 1 cent and is not material.
-	Certain prior year data has been reclassified to conform with current year presentation.
-	Information contained in this report is subject to audit and adjustments.  Certain classifications and rounding may be different from final results published in the Form 10-Q.