EX-12 17 x12-2.htm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/2/2006

 

THE SOUTHERN COMPANY

Computation of ratio of earnings to fixed charges plus preferred

dividend requirements for the five years ended December 31, 2005

and the year to date September 30, 2006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

Year ended December 31,

 

 

September 30,

 

 

 

2001

 

 

2002

 

 

2003

 

 

2004

 

 

2005

 

 

2006

 

 

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income taxes

$

1,676,260

 

$

1,841,274

 

$

2,100,143

 

$

2,113,696

 

$

2,185,427

 

$

2,120,329

 

Preferred stock dividends of subsidiaries

 

18,452

 

 

17,340

 

 

21,167

 

 

29,815

 

 

30,175

 

 

26,141

 

Interest expense, net of amounts capitalized

 

557,625

 

 

491,888

 

 

527,272

 

 

640,261

 

 

746,819

 

 

634,078

 

Distributions on mandatorily redeemable preferred securities

168,594

 

 

174,687

 

 

151,358

 

 

27,230

 

 

0

 

 

0

 

AFUDC - Debt funds

 

25,924

 

 

16,816

 

 

12,370

 

 

17,970

 

 

20,500

 

 

13,759

 

Earnings as defined

$

2,446,855

 

$

2,542,005

 

$

2,812,310

 

$

2,828,972

 

$

2,982,921

 

$

2,794,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

$

463,710

 

$

476,047

 

$

491,066

 

$

499,737

 

$

558,975

 

$

465,824

 

Interest on affiliated loans

 

(12,244)

 

 

0

 

 

0

 

 

99,737

 

 

127,721

 

 

91,819

 

Interest on interim obligations

 

82,386

 

 

29,925

 

 

18,035

 

 

8,671

 

 

25,358

 

 

55,259

 

Amort of debt disc, premium and expense, net

 

30,809

 

 

20,084

 

 

28,575

 

 

36,906

 

 

36,698

 

 

31,982

 

Other interest charges

 

18,888

 

 

(17,352)

 

 

1,966

 

 

13,180

 

 

18,567

 

 

2,953

 

Distributions on mandatorily redeemable preferred securities

168,594

 

 

174,687

 

 

151,358

 

 

27,230

 

 

0

 

 

0

 

Fixed charges as defined

 

752,143

 

 

683,391

 

 

691,000

 

 

685,461

 

 

767,319

 

 

647,837

 

Tax deductible preferred dividends

 

1,601

 

 

1,601

 

 

1,601

 

 

1,566

 

 

1,554

 

 

973

 

 

 

753,744

 

 

684,992

 

 

692,601

 

 

687,027

 

 

768,873

 

 

648,810

 

Non-tax deductible preferred and preference dividends

 

16,851

 

 

15,739

 

 

19,566

 

 

28,249

 

 

28,621

 

 

25,168

 

Ratio of net income before taxes to net income

x

1.490

 

x

1.395

 

x

1.411

 

x

1.375

 

x

1.367

 

x

1.520

 

Pref dividend requirements before income taxes

 

25,108

 

 

21,956

 

 

27,608

 

 

38,842

 

 

39,125

 

 

38,255

 

Fixed charges plus pref dividend requirements

$

778,852

 

$

706,948

 

$

720,209

 

$

725,869

 

$

807,998

 

$

687,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES PLUS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PREFERRED DIVIDEND REQUIREMENTS

 

3.14

 

 

3.60

 

 

3.90

 

 

3.90

 

 

3.69

 

 

4.07