Exhibit 12.1

GULF POWER COMPANY

Computation of ratio of earnings to fixed charges for

the five years ended December 31, 2011

and the year to date March 31, 2012

												Three
												Months
												Ended
	Year ended December 31,											March 31,
		2007		2008		2009		2010		2011		2012
	--------------------------------------Thousands of Dollars--------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings before income taxes	$	135,081,616	$	158,650,693	$	170,460,610	$	199,227,092	$	172,475,011	$	33,957,437
Distributed income of equity investees		0		0		0		0		0		0
Interest expense, net of amounts capitalized		44,680,256		43,097,986		38,358,418		51,896,517		58,149,914		15,367,760
Interest component of rental expense		1,574,000		1,670,000		6,778,000		15,984,000		15,654,714		2,958,418
Distributions on mandatorily redeemable preferred securities		0		0		0		0		0		0
AFUDC - Debt funds		1,047,567		3,972,924		9,488,832		2,874,577		3,950,982		492,880
Earnings as defined	$	182,383,439	$	207,391,603	$	225,085,860	$	269,982,186	$	250,230,621	$	52,776,495
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt	$	36,350,756	$	41,173,575	$	42,165,856	$	49,298,449	$	56,676,714	$	14,743,765
Interest on affiliated loans		4,509,773		739,464		80,095		107,992		129,708		44,211
Interest on interim obligations		168,752		513,328		700,524		37,231		196,550		18,042
Amort of debt disc, premium and expense, net		2,837,194		2,755,449		2,890,293		2,917,640		2,686,285		651,235
Other interest charges		1,861,348		1,889,094		2,010,482		2,409,782		2,411,639		403,387
Interest component of rental expense		1,574,000		1,670,000		6,778,000		15,984,000		15,654,714		2,958,418
Distributions on mandatorily redeemable preferred securities		0		0		0		0		0		0
Fixed charges as defined	$	47,301,823	$	48,740,910	$	54,625,250	$	70,755,094	$	77,755,610	$	18,819,058
RATIO OF EARNINGS TO FIXED CHARGES		3.86		4.25		4.12		3.82		3.22		2.80