EXHIBIT 99.03

Southern Company

Significant Factors Impacting EPS

	3 Months Ended June						Year-to-Date June
		2007		2006		Change		2007		2006		Change
Consolidated Earnings–As Reported	$	0.57	$	0.52	$	0.05	$	1.02	$	0.87	$	0.15
(See Notes)
Significant Factors:
Traditional Operating Companies						0.03						0.09
Southern Power						0.01						0.03
Synthetic Fuels						0.02						0.05
Leasing						0.00						(0.02)
Parent Company and Other						0.00						0.01
Additional Shares						(0.01)						(0.01)
Total–As Reported						0.05						0.15
	3 Months Ended June						Year-to-Date June
		2007		2006		Change		2007		2006		Change
Consolidated Earnings–Excluding Synfuels	$	0.55	$	0.52	$	0.03	$	0.97	$	0.87	$	0.10
(See Notes)
Total–As Reported						0.57						1.02
Less: Synthetic Fuels						(0.02)						(0.05)
Total–Excluding Synthetic Fuels					$	0.55					$	0.97

Notes

- For the second quarter and year-to-date 2007, diluted earnings per share was 1 cent per share.

- Tax credits associated with Southern Company's synthetic fuel investments expire on December 31, 2007 and will not contribute to Southern Company's earnings and earnings per share after 2007.

- 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 may be different from final results published in the Form 10-Q.