EX-12.2 8 x12-2.txt Exhibit 12.2 3/3/2004 MISSISSIPPI POWER COMPANY Computation of ratio of earnings to fixed charges plus preferred dividend requirements for the five years ended December 31, 2003
------------------------------------------------------------------ 1999 2000 2001 2002 2003 ---- ---- ---- ---- ---- -----------------------Thousands of Dollars----------------------- EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: Earnings Before Income Taxes $ 90,939 $ 91,457 $106,391 $120,905 $120,827 Interest expense, net of amounts capitalized 27,969 28,101 23,568 18,650 14,369 Distributions on preferred securities of subsidiary 2,712 2,712 2,712 3,016 2,520 AFUDC - Debt funds 0 0 0 0 0 --------- --------- --------- --------- --------- Earnings as defined $121,620 $122,270 $132,671 $142,571 $137,716 ========= ========= ========= ========= ========= FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: Interest on long-term debt $ 20,455 $ 24,595 $ 18,187 $ 14,318 $ 10,117 Interest on affiliated loans 0 0 1,002 206 55 Interest on interim obligations 2,750 2,450 1,518 0 0 Amort of debt disc, premium and expense, net 1,432 1,313 954 1,021 1,178 Other interest charges 3,332 (257) 1,907 3,105 3,019 Distributions on preferred securities of subsidiary 2,712 2,712 2,712 3,016 2,520 --------- --------- --------- --------- --------- Fixed charges as defined 30,681 30,813 26,280 21,666 16,889 Tax deductible preferred dividends 239 239 239 239 239 -------- -------- -------- -------- -------- 30,920 31,052 26,519 21,905 17,128 --------- --------- --------- --------- --------- Non-tax deductible preferred dividends 1,774 1,890 1,802 1,774 1,774 Ratio of net income before taxes to net income x 1.600 x 1.602 x 1.615 x 1.612 x 1.600 --------- --------- --------- --------- --------- Pref dividend requirements before income taxes 2,838 3,028 2,910 2,860 2,838 --------- --------- --------- --------- --------- Fixed charges plus pref dividend requirements $ 33,758 $ 34,080 $ 29,429 $ 24,765 $ 19,966 ========= ========= ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED DIVIDEND REQUIREMENTS 3.60 3.59 4.51 5.76 6.90 ===== ===== ===== ===== ====